Private equity-backed golf club operator ClubCorp Holdings expects to be valued at up to $1.11bn in an IPO, which could raise $324m.
The IPO will be priced at between $16 and $18 per share and will see ClubCorp offer 10.9m shares, the company said in a document filed with the US Securities and Exchange Commission.
ClubCorp’s private equity owner KSL Capital Partners will sell 7.1m shares and retain a 62.2 per cent interest in the business is the underwriters including Goldman Sachs, Citigroup and Jefferies exercise all of their options.
The company, which was acquired by KSL in 2006, has more than 150 golf and country clubs, business clubs, sports clubs and alumni clubs in the US and two foreign countries. It booked a loss of $27.3m on revenues of $535.3m last year.
In December last year KSL bought a 24 per cent stake in the official ski resort of the 2010 Winter Olympics, Whistler Blackcomb.
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