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Friday, January 31, 2014

Shares of Intrawest Resorts fall in debut, (NYSE: FIG)

Shares of Intrawest Resorts Holdings Inc , a mountain resort operator owned by private equity firm Fortress Investment Group LLC, fell as much as 8 percent in their debut, valuing the company at about $496 million. The Denver-based company raised $187.5 million after its initial public offering of 15.6 million shares was priced at $12 per share, significantly below the expected pricing range of $15-$17.Selling shareholders sold 12.5 million shares in the offering, while the rest came from Intrawest Resorts.The company's shares opened at $11.11 and touched a low of $11.03 on the New York Stock Exchange.The owner of Canadian Mountain Holidays, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.

Fortress Investment Group LLC (Fortress), is a global investment management firm. Shares of FIG fell by 1.07% or $-0.09/share to $8.30. In the past year, the shares have traded as low as $5.12 and as high as $9.16. On average, 1428060 shares of FIG exchange hands on a given day and today's volume is recorded at 102714.