Shares of Hyatt Hotels Corp. rose sharply Thursday in the iconic hotel chain’s first day on the New York Stock Exchange, with investors appearing to dismiss concerns about infighting among its founder’s heirs and tepid hotel reservations around the world.
Hyatt’s stock gained $3, or 12 percent, to $28 in afternoon trading.
The company, based in Chicago, raised $950 million in its initial public offering. It priced late Wednesday at $25 a piece, near the top end of the $23 to $26 range.
The stock’s upbeat trading is a welcome sight for the market, which has watched many IPOs fall short of expectations, including Dole Food Co. and AGA Medical Holdings Inc. Dole Food had priced its IPO at $12.50 per share last month, but the fruit and vegetable producer originally expected to price between $13 and $15 each.
David Menlow, president of IPOfinancial.com, believes Hyatt’s Thursday trading is evidence that “the IPO market is not unraveling as many would like to think that it is.”
Some industry experts had questioned how much investor demand there would be the 38 million shares Hyatt offered because of the company’s issues. Among them are a history of disputes between members of the wealthy and influential Pritzker family, the largest holders of Hyatt stock.
But investors like the Hyatt name, according to Menlow.
“The brand had a lot more weight with investors than other obstacles that appear to exist at the company,” he explained in a phone interview.
Proceeds from the sale mostly are going to the Pritzker family, who will remain in control of Hyatt with about two-thirds of outstanding shares and three-quarters of the voting power.
Hyatt won’t receive any proceeds from the IPO.
Any money raised from a 5.7 million-share overallotment option given to underwriters — about $142.5 million — would go back to Hyatt and be used for capital expenditures such as building and construction. Goldman Sachs & Co. is the lead bookrunning manager, and Deutsche Bank Securities and JPMorgan Securities are also underwriting the deal. Hard money training
Tags: hyatt hotels, investors, IPOfinancial, money raised
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