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Thursday, November 05, 2009
Hyatt IPO is a Hit
By Darryl R. Isherwood
FOXBusiness
Hyatt Hotels Corp. (H), which went public Thursday at a price of $25, saw its shares rise almost 12%, despite challenges posed by a difficult hospitality market.
The company issued 38 million shares, hoping to raise $950 million, but saw the price jump to $27.98. The Class A common shares began trading Thursday, but the company has granted underwriters a 30-day purchase option of up to an additional 5.7 million shares.
Stockholders will control about 3% of the voting power because the company's 130 million Class B shares that carry 10 votes apiece.
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