Vacation club Diamond Resorts sets terms for $264 million IPO

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Diamond Resorts International, a vacation club with more than 490,000 members and 295 destinations, announced terms for its IPO on Tuesday. The Las Vegas, NV-based company plans to raise $264 million by offering 15.5 million shares (10% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Diamond Resorts International would command a fully diluted market value of $1.2 billion.

Diamond Resorts International, which was founded in 1996 and booked $568 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol DRII. Diamond Resorts International initially filed confidentially on January 24, 2013. Credit Suisse, BofA Merrill Lynch, J.P. Morgan and Guggenheim Securities are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

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