Hilton Biggest of Six IPOs Today
ThinkstockHilton Worldwide Holdings Inc. (NYSE: HLT) began trading Thursday morning after pricing its initial public offering (IPO) at $20 a share last night. But it was one of a whopping total of six IPOs held today. Hilton raised $2.35 billion…
Hilton Worldwide Holdings Inc. (NYSE: HLT) began trading Thursday morning after pricing its initial public offering (IPO) at $20 a share last night. But it was one of a whopping total of six IPOs held today.
Hilton raised $2.35 billion that the company plans to use to repay a $1.25 billion term loan and The Blackstone Group LP (NYSE: BX) will retain nearly 75% ownership of the hotel chain. Shares are up about 9% Thursday afternoon at $21.78.
ARAMARK Holdings Corp. (NYSE: ARMK) raised about $725 million in its IPO today, selling 36.25 million shares at the low end of its expected range of $20 to $23. The company sold 28 million shares the proceeds of which will be used to pay down debt. The stock is up about 16% shortly before the markets close today at $23.27.
Catchmark Timber Trust Inc. (NYSE: CTT) sold 10.53 million shares at $13.50 a share. The real-estate investment trust (REIT) owns timberland in the southeast U.S. and provides pulp, paper, and wood products. Catchmark raised $142 million. Shares are down slightly at $13.46 shortly before Thursday’s closing bell.
Kindred Biosciences Inc. (NASDAQ: KIN) sold 7.5 million shares at an IPO price of $7 a share. The company raised $52.5 million that it plans to use in research and development. Shares are trading at $11.84, up 70% in the late afternoon.
Scorpio Bulkers Inc. (NYSE: SALT) sold 31.3 million shares at $9.75 and raised a total of $305.2 million. The company is based in Monaco and transports dry bulk cargo such as coal and grains. The stock is trading down about 4% at $9.46.
Tetralogic Pharmaceuticals Corp. (NASDAQ: TLOG) offered 7.2 million shares at an IPO price of $7. That’s a good deal shy of an original plan to price the share in a range of $13 to $15. The stock price is essentially unchanged from the IPO price.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
