Wildwood, MO – Ski resort operator Peak Resorts today announced the closing of its initial public offering of 10,000,000 shares of its common stock at a price to the public of $9.00 per share. The offering raised net proceeds of approximately $82 million after deducting underwriting discounts and commissions and estimated offering expenses.
All of the shares were offered by the company. The underwriters also have been granted a 45-day over-allotment option to purchase up to an additional 1,500,000 shares from the company on the same terms and conditions. The shares began trading on the NASDAQ Global Market on November 21 under the ticker symbol “SKIS.”
The company intends to use the funds raised through the IPO primarily to reduce outstanding debt with the remainder available for working capital and general corporate purposes, including future acquisitions.The company currently operates 13 ski resorts in the Northeast and Midwest, including Attitash, Crotched Mountain and Wildcat in New Hampshire, Mount Snow in Vermont, Jack Frost and Big Boulder in Pennsylvania, Boston Mills/Brandywine, Mad River Mountain and Alpine Valley in Ohio, Paoli Peaks in Indiana, and Snow Creek and its first resort, Hidden Valley, both in Missouri.