“Intrawest Resorts Holdings, Inc. initial public offering fell
short of expectations last week when the company’s
shares debuted about 25 percent below their target range.
Shares, which began trading Monday under the ticker
symbol SNOW on the New York Stock Exchange, opened
at $12.05 or roughly 25 percent below the bottom of the
$15 to $17 range targeted investment bankers.
A syndicate of investment banks led by Goldman, Sachs &
Co., Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities and Bank of America/Merrill Lynch spearheaded
the IPO, which led the underwriting. The S&P 500 index
fell 2.2 percent Monday. While the index had recovered
most of that ground by Friday afternoon, SNOW shares
were trading just below $12.
Intrawest, which owns interests in seven, four-season
mountain resorts, offered 3,125,000 shares of its common
stock through the IPO, while controlling shareholder Fortress
Investment Group LLC offered 12.5 million shares.
Intrawest generated revenues of $524.4 million in the
fiscal year ended June 30, 2013. Roughly two thirds of the
revenues came from its interests in seven four-season
mountain resorts that attracted six million visitors.
SNOW resorts include Steamboat Ski & Resort and Winter
Park Resort in Colorado, Mont Tremblant Resort in Quebec,
Stratton Mountain Resort in Vermont, Snowshoe
Mountain Resort in West Virginia and half of Blue Mountain
Ski Resort in Pennsylvania.”
-The boss report