Peak Resorts, which operates 13 overnight-drive and day-ski resorts in the Northeast and Midwest, announced terms for its IPO on Monday. The Wildwood, CA-based company plans to raise $100 million by offering 10.0 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Peak Resorts would command a market value of $140 million and an enterprise value of $224 million.
The company originally filed terms for an $85 million IPO in November 2011 with a $152 million market value ($218 million enterprise value) but postponed its offering.
Peer ski resort operator Intrawest Resorts (SNOW) raised $188 million in January after pricing below the range, and now trades about 14% below its IPO price.
Peak Resorts, which was founded in 1982 and booked $106 million in sales for the 12 months ended July 31, 2014, plans to list on the NASDAQ under the symbol SKIS. FBR Capital Markets, Stifel and Baird are the joint bookrunners on the deal. It is expected to price during the week of November 17, 2014.
