North America Real Estate - Capital Offerings
Hyatt Hotels IPO underwriters exercise overallotment option
November 06, 2009 8:05 PM ET
By Zeeshan Murtaza
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Hyatt Hotels Corp. said Nov. 6 that the underwriters of its initial public offering exercised in full their option to purchase 5.7 million shares of class A common stock from the company at the IPO price of $25.00 per share. The company expects to receive net proceeds of about $127.3 million from the sale of the shares, after deducting the underwriting discount and estimated offering expenses payable by the company. Hyatt Hotels intends to use the net proceeds primarily for working capital and other general corporate purposes. The option to purchase additional shares was granted in connection with the company's IPO of 38 million shares of class A common stock to be sold by certain existing stockholders of the company. The company will not receive any of the proceeds from the sale of shares of class A common stock by the selling stockholders. The sole book-running manager and lead managing representative of the offering is Goldman Sachs & Co., with Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acting as joint lead managers. | 
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