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Ski resort owner Intrawest files IPO paperwork

The Associated Press

Intrawest Resort Holdings Inc. filed paperwork Tuesday for a $100 million public offering of the ski resort company's shares.

Based in Denver, Intrawest owns interests in or operates seven mountain resorts, including Steamboat Ski & Resort and Winter Park Resort in Colorado. It also has a heli-skiing adventure company and real estate business to manage and sell vacation properties.

Intrawest did not say how many shares it plans to sell or at what price. The $100 million value of the IPO is likely to change as the banks managing the deal gauge investor interest.

The company indicated that its backer, mostly owned by investment firm Fortress Investment Group, may sell some of its stake in the IPO.

Intrawest plans to use its proceeds from the offering for working capital and other general corporate purposes, which may include potential investments and acquisitions.

The company has reported a loss for its past three fiscal years, narrowing it each period. In the year through June, it generated revenue of $524.4 million.

Intrawest intends to list its shares on the New York Stock Exchange.