Hyatt Hotels Corp. on Monday revealed the proposed price range of its initial public offering, or IPO, of 38 million shares. In a regulatory statement, the company said it is currently estimated that the price will range between $23.00 and $26.00 per share.
The shares are being offered by the selling shareholders. If the underwriters sell more than 38 million shares, they will have the option to purchase up to an additional 5.7 million shares at the IPO price less the underwriting discount. The company will have 168.04 million shares outstanding after this offering.
The company will not receive any proceeds from the sale of stock by shareholders. If the underwriters exercise the green shoe option, Hyatt estimates that net proceeds from the offering will be about $124.6 million based on an assumed initial public offering price of $24.50 per share.
The net proceeds are expected to be used primarily for working capital and other general corporate purposes, including capital expenditures. Hyatt also may use a portion of the net proceeds for the acquisition of, or investment in, new properties or businesses that complement its business.
For the half-year ending June 30, 2009, the company reported a net loss from continuing operations of $38 million, compared to a profit of $175 million in the previous year. Total revenues dropped to $1.637 billion from $2.009 billion in the previous year, driven by a 24% decline in RevPAR at comparable systemwide properties.
It was reported earlier that the company had listed as a risk factor disagreement among the Pritzker family members, who own 85% of the company. Last week, in an amendment to its IPO filing, it said, ''Disputes among Pritzker family members and among Pritzker family members and the trustees of the Pritzker family trusts may result in significant distractions to our management, disrupt our business, have a negative effect on the trading price of our Class A common stock and/or generate negative publicity about Hyatt and the Pritzker family.''
The stock has been approved for listing on the New York Stock Exchange under the symbol 'H.'
Goldman, Sachs & Co., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. are the underwriters to the offering.
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