Intrawest Resorts Holdings, Inc. files for IPO without listing any underwriters.
Intrawest Resorts Holdings, Inc., filed for a $100 million IPO. Intrawest is a newly formed vehicle into which Fortress Investment Group will dump its ski resort assets in order to conduct the IPO.
Intrawest’s resorts include:
- Winter Park
- Mont Tremblant
- Stratton Mountain
- Blue Mountain (50%)
- Mammoth (15%)
- Canadian Mountain Holidays
Fortress has indicated that it will be selling some of its interest in the deal.
The interesting part of the filing is the fact that no underwriters, or even underwriters’ counsel, are listed. It is not clear if anyone is in the running to handle this deal or if they are still jockeying over responsibility and economics of the underwriter piece. Future filings will tell.
Total revenues are increasing (from $513 million in FY 2012 to $524 million in FY 2013) while net losses are decreasing (from $336 million in in FY 2012 to $297 million in FY 2013).