A day after the Dallas-based company priced its initial public offering below the expected range at $14 per share, the stock opened at $15.25 on Friday on the NYSE and rose as much as 10%, valuing the company at about $950 million. ClubCorp sold 13.2 million shares in the offering, while KSL Capital sold the remaining 4.8 million.
Shares of private equity-owned golf club operator ClubCorp Holdings Inc. rose 10% in their market debut, a day after the company priced its initial public offering below the expected range, Reuters reported.
ClubCorp’s offering of 18 million shares was priced at $14 per share, well below the $16-$18 expected by the company. The Texas-based company raised $252 million through the offering, Reuters reported.
ClubCorp, the largest owner and operator of private golf and country clubs in the United States, was taken private by KSL Capital in a $1.8 billion deal in October 2006, Reuters reported.
The stock opened at $15.25 on the New York Stock Exchange at around 10:00 a.m. on Friday and rose as much as 10%, valuing the company at about $950 million, Reuters reported.
ClubCorp sold 13.2 million shares in the offering, while KSL Capital sold the remaining 4.8 million. KSL Capital will own about 60% of ClubCorp if the underwriters fully exercise their over-allotment option, Reuters reported.
ClubCorp, founded in 1957 with one country club in Dallas, has a portfolio of 152 owned and operated clubs with over 360,000 members, Reuters reported.
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