NEW YORK (AP) — Intrawest Resorts Holdings Inc., a mountain resort and adventure company, raised approximately $187.2 million from an initial public offering of about 15.6 million shares of its common stock.
The offering priced at $12 per share. That's below the projected range of $15 to $17 per share.
Denver-based Intrawest is selling about 3.1 million shares. An entity controlled by certain private equity funds managed by a Fortress Investment Group LLC affiliate is selling approximately 12.5 million shares.
The selling stockholder is giving the underwriters a 30-day option to buy up to an additional 2.3 million shares.
Intrawest anticipates receiving about $35.1 million in net proceeds from the offering, after taking out underwriting discounts and commissions and before deducting estimated offering expenses. It plans to use the proceeds for working capital and other general corporate purposes, such as possible investments in, and acquisitions of, ski and adventure travel businesses and assets. Intrawest won't receive any proceeds from shares sold by the selling stockholder.
The shares are expected to start trading on the New York Stock Exchange under the "SNOW" ticker symbol on Friday.
The offering is targeted to close on Wednesday.