Whistler Blackcomb Ski Resort Rises in First Day of Trading After IPO
Whistler Blackcomb Holdings Inc., owner of the Canadian ski resort that hosted the 2010 Winter Olympics, rose in the first day of trading after completing its C$300 million ($297.7 million) initial public offering.
Whistler Blackcomb rose to C$12.06 by the 4 p.m. close of trading on the Toronto Stock Exchange, up from the IPO price of C$12. The stock rose as high as C$12.50.
The company sold 25 million shares last week to buy a 75 percent interest in the partnerships that operate the ski resort from Intrawest ULC, a unit of New York-based buyout firm Fortress Investment Group LLC.
The banks arranging the sale, led by CIBC World Markets and RBC Dominion Securities, have an option to sell an additional 15 percent of the offering, raising proceeds to C$345 million. Whistler cut the IPO price twice, after originally planning to sell stock for as much as C$15 each.
Whistler Blackcomb’s stock sale brings the amount raised in Canadian IPOs this year to $4.91 billion, the most since 2006, according to data compiled by Bloomberg.
North America’s largest ski resort is about 125 kilometers (78 miles) north of Vancouver.
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