PE-backed mountain resorts operator Intrawest prices IPO at $12/share - Reuters
Mountain resorts operator Intrawest Resorts Holdings Inc raised about US$188 million in an initial public offering after its shares were priced at US$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 US$15-US$17 per share. 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 US$2.8 billion, including debt. The company's Canadian offices are in Vancouver and Banff, Alberta.
