Diamond Resorts Expects Up To US$279 Million from IPO

July 9
11:49 AM 2013

Diamond Resorts International Inc. said that it expected to raise up to US$279 million from its initial public offering. The initial public offering would issue 15.5 million shares, with each costing between US$16 and US$18. At this rate, the company was valued to be about US$1.3 billion.

According to the firm's filing, of the total number of shares issued, 14 million shares were planned to be sold. The remaining shares were to be offered to the company's shareholders. The purpose of the initial public offering was to raise funds, partly, for debt repayment as well as for expansion.

For the offering, the company listed Credit Suisse Securities as its lead underwriter. The company would list its common stock as DRII on the New York Stock Exchange.

The company posted a net loss last year; however, for the quarter ending March 2013, Diamond Resorts generated US$2.3 million. The firm's time-share vacation business accounted for more than half of its earnings, at 72%. The rest came from financing and hospitality services. 

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