Nov 5th, 2009 - Reuters
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NEW YORK (Reuters) - Hyatt Hotels Corp shares climbed 12 percent in their debut on Thursday as investors bet the company's strong balance sheet means it will be able to grow at a rapid pace when the industry eventually rebounds.
Hyatt's initial public offering comes as lodging stocks are on the mend. The Dow Jones U.S. Hotels index has shot up 55 percent this year on signs of an economic recovery.
The company sold 38 Class-A million shares at $25 apiece on Wednesday, to raise $950 million for the controlling Pritzker family. The company's market capitalization after its first day of trading was $1.06 billion.
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0:59Hyatt debuts 8% above price amid 'discerning market'
Hyatt Hotels Corp. (NYSE:H) opened Thursday at $27, above the $25 price established Wednesday evening. The stock is at $27.41 in late-morning trading. In the year's fourth largest initial public offering, the private-equity backed hotel chain raised $950 million in gross proceeds ...
1:01NYSE Euronext's Cutler on hot week for IPOs
Hyatt Hotels Corp. is one of six initial public offerings anticipated this week, making it the most active week in IPOs since that of Sept. 21, when seven companies went public. The hotel chain, which is expected to debut Thursday on the New York Stock Exchange under the ticker symbol H ...
