Golf club operator ClubCorp up in debut after pricing below range
Sept 20 (Reuters) - Shares of private equity-owned golf club operator ClubCorp Holdings Inc rose 10 percent in their market debut, a day after the company priced its initial public offering below the expected range.
ClubCorp's offering of 18 million shares was priced at $14 per share, well below the $16-$18 expected by the company.
The Texas-based company raised $252 million through the offering.
ClubCorp, the largest owner and operator of private golf and country clubs in the United states, was taken private by KSL Capital in a $1.8 billion deal in October 2006.
The stock opened at $15.25 on the New York Stock Exchange at around 10:00 a.m. ET on Friday and rose as much as 10 percent, valuing the company at about $950 million.
ClubCorp sold 13.2 million shares in the offering, while KSL Capital sold the remaining 4.8 million.
KSL Capital will own about 60 percent of ClubCorp if the underwriters fully exercise their over-allotment option.
ClubCorp, founded in 1957 with one country club in Dallas, has a portfolio of 152 owned and operated clubs with over 360,000 members, according to the company's IPO filing.