SAM Magazine-Whistler, B.C., Nov. 4, 2010-Whistler Blackcomb Holdings, an entity created by Intrawest for the purpose of selling public shares in Whistler Blackcomb, raised C$300 million (US$297 million) after it priced its IPO shares at C$12, a significant cut from the C$15 it hoped for initially. The offering is expected to close Nov. 9. The deal will reduce Intrawest's stake to 34 percent and, if the underwriting banks exercise their option to sell an additional 15 percent of shares, to as little as 24 percent.

At $12 a share, and with nearly 37.8 million shares outstanding, Whistler Blackcomb has a market value of C$453 million. The new company will pay shareholders a dividend of about 8.1 percent, well above the initial offer at 6.5 to 7 percent. A total of about 25 million shares were sold in the IPO. Once the offering closes, the underwriting banks have 30 days in which they can sell an additional 15 percent (3.75 million) of the total shares, for which Intrawest would receive none of the proceeds.

The stock is expected to begin trading on the Toronto Stock Exchange on Nov. 9 under the symbol WB.

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