Mountain resorts operator Intrawest Resorts Holdings Inc raised about $188 million in an initial public offering after its shares were priced at $12, a market source told Reuters. The company, controlled by private equity firm Fortress Investment Group LLC, priced its IPO of 15.62 million shares significantly below its expected price range of $15-$17 per share. Based on the number of shares outstanding, Intrawest would be valued at $540 million.Out of the total offering, Intrawest is offering 3.12 million shares while Fortress is selling the rest. After the offering, Fortress's stake would drop to about 65 percent.Denver-based Intrawest, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.Intrawest, which operates in three major segments, namely mountain, adventure and real estate, has interests in seven mountain resorts in North America. It also operates Canadian Mountain Holidays, a heli-skiing adventure company.
Fortress Investment Group LLC (Fortress), is a global investment management firm. Shares of FIG traded higher by 2.44% or $0.2/share to $8.39. In the past year, the shares have traded as low as $5.05 and as high as $9.16. On average, 1422770 shares of FIG exchange hands on a given day and today's volume is recorded at 1172923.
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