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Hyatt files for IPO, intends to raise up to $1.15 bn

Hyatt files for IPO, intends to raise up to $1.15 bn
PTI
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First Published: Thu, Aug 06 2009. 10 19 AM IST
Updated: Thu, Aug 06 2009. 10 19 AM IST
Chicago: Global hospitality company Hyatt Hotels on Thursday said that it plans to raise up to $1.15 billion through an initial public offer (IPO) and would use part of the proceeds to acquire and invest in new properties.
The city-headquartered Hyatt has filed the registration statement relating to its proposed IPO of shares with the US Securities and Exchange Commission.
We intend to use the net proceeds from this offering for working capital and other general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in new properties or other businesses that complement our business, Hyatt said in a filing.
Hyatt said that the number of shares to be offered and the price range for the offering are yet to be determined. It also did not give a date for the IPO.
It said that currently there are no agreements or commitments regarding any such transaction. The book running manager and lead managing representatives of the offering would be Goldman Sachs with Deutsche Bank Securities and JP Morgan Securities acting as joint lead managers.
Hyatt intends to list its shares on the New York Stock Exchange under the symbol ‘H´.
Hyatt manages, franchises, owns and develops hotels, resorts and residential and vacation ownership properties around the world.
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First Published: Thu, Aug 06 2009. 10 19 AM IST