Whistler Blackcomb has completed its public offering.
The company issued a news release on Tuesday afternoon indicating that it has obtained $300 million through an Initial Public Offering (IPO), a process that makes the company available for purchase by the public.
The company sold 25,000,000 common shares at $12 a share for proceeds of about $300 million, money that is expected to help pay off the debt of parent company Fortress Investment Group.
The offering put up for sale a 75 per cent interest in the partnerships that operate Whistler Blackcomb from Intrawest. The remaining 25 per cent interest belongs to Japanese company Nippon Cable.
Whistler Blackcomb was re-incorporated as Whistler Blackcomb Holdings Inc. earlier this month so that shares in the company could be made available for purchase on the Toronto Stock Exchange (TSX). It began trading on the TSX on Tuesday, reaching a high of $12.50 a share at around 10 a.m. PST.
