Intrawest Resorts IPO Falls Short…

 

“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

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