Hilton is planning to raise 2.4 billion dollars during its maiden IPO, Bloomberg reports on December 2 citing regulatory filling.
The Hilton’s public listing will take place on the New York Stock Exchange. The company’s market capitalization will total 19.2 billion dollars. Thus, Hilton will be the most expensive hotel operator in the world.
The money gained from the IPO will be used to pay off 1.25 billion dollars in debt. The company expects to sell 112.8 million shares priced between 18-21 U.S. dollars per share. The stock exchange will get 11.5% of the total Hilton’s shares. The securities now are owned by The McLean operator and the minor shareholders.
The Blackstone investment fund acquired Hilton in 2007 for 26 billion dollars. However, Blackstone is not selling any of its stock.
The Hilton’s net profit equaled 352 million dollars in 2012. The company was founded in 1919 by Conrad Hilton. Currently, Hilton’s brand includes WaldorfAtoria, Hampton Inn, Double Tree, and Homewood Suites. The total number of the hotels under Hilton exceeded 4,000.
