Intrawest Resorts Holdings, Inc. shares disappointed when they began trading Tuesday in an initial public offering that coincided with the first January thaw in stock prices in three years.
Shares traded between $11.60 and $12.13 a share in the first day of trading under the ticker symbol SNOW on the New York Stock Exchange. That was roughly 25 percent below the $15 to $17 range targeted by the company and its banking syndicate, which was led by Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities and BofA Merrill Lynch. The S&P 500 index has fallen 5.0 percent since the beginning of the year.
Intrawest, which owns interests in seven, four-season mountain resorts, now trades under the ticker “SNOW.” The company offered 3,125,000 shares of its common stock and an affiliate of Fortress Investment Group LLC, a private equity firm that helped carry the company through the recession, offered an additional 12,500,000 shares.
Intrawest owns interests in seven four-season mountain resorts with more than 11,000 skiable acres and more than 1,150 acres of land available for real estate development. Intrawest’s mountain resorts are geographically diversified across the Eastern United States, the Rocky Mountains, the Pacific Southwest and Canada. The company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the leading heli-skiing adventure company in North America. Intrawest's also operates a real estate business which manages, markets and sells vacation club properties; manages condominium hotel properties; and sells and markets residential real estate.