Hyatt IPO Starts at $25
Hyatt Hotels this morning announced its initial public offering of 38,000,000 shares of Class A common stock at $25 per share. The stock will trade on the New York Stock Exchange under the symbol ‘H.’
The IPO comes a day earlier than originally scheduled. All the shares sold come from the founding Pritzker family, which will still control majority voting interest of the company. The $950 million raised from the sale goes to the Pritzkers, and not the company, but there is a 30-day option for the underwriters—Goldman Sachs & Co., Deutsche Bank Securities and J.P. Morgan Securities—to buy another 5.7 million shares with the proceeds going to Hyatt.
It was the third largest IPO of the year.
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