Hilton shares jump 7% after $2.35 bn IPO
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Hilton shares jump 7% after $2.35 bn IPO

Last Updated: Thursday, December 12, 2013, 22:35
 
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Hilton shares jump 7% after $2.35 bn IPO
New York: Shares of US hotel giant Hilton Worldwide Holdings jumped 7.0 percent Thursday as they hit the market following the year`s second largest US market IPO that raised USD 2.35 billion.

Minutes after entering the market, at 1530 GMT Thursday Hilton shares were up to USD 21.40, compared to the issue price of USD 20 per share.

It was the second biggest initial public offering of 2013 int he United States, after Plains GP Holdings, which went public in October raising USD 2.8 billion.

The hotel chain, which owns its namesake products as well as Waldorf Astoria and Embassy Suites and other brands, priced at the upper end of the USD 18-USD 21 price range. Hilton also boosted the number of shares offered prior to the launch.

Hilton has touted a large increase in hotel rooms and a growing international presence since the chain was bought out by the Blackstone Group in 2007 for USD 25 billion.

Blackstone plains to retain a 76.2 percent controlling stake in the firm after the IPO.

Hilton said it plans to use proceeds from the IPO to pay down debt.



AFP

First Published: Thursday, December 12, 2013, 22:35


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