Hyatt Hotels (H) IPO Opens Strong
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The IPO for Hyatt Hotels Corporation (NYSE: H) is open for trading. Shares are trading at $26.84 after pricing 38,000,000 shares at a price of $25.00 per share, in-line with the $23-$26 target range.
The offering will consist of 38,000,000 shares of Class A common stock to be sold by certain existing stockholders. In addition, Hyatt has granted the underwriters a 30-day option to purchase up to an additional 5,700,000 shares of Class A common stock. Hyatt will not receive any of the proceeds from the sale of shares of Class A common stock by the selling stockholders.
The sole bookrunning manager and lead managing representative of the offering is Goldman, Sachs & Co., with Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acting as joint lead managers.
Hyatt Hotel is a global hospitality company with widely recognized, industry leading brands and a tradition of innovation developed over it's more than fifty-year history.
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