hilton prices at 20 a share boosts offering size
Last Updated : GMT 00:04:01
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Hilton prices at $20 a share, boosts offering size

Arab Today, arab today

Arab Today, arab today Hilton prices at $20 a share, boosts offering size

Washington - AFP

US hotel giant Hilton Worldwide Holdings set its initial public offering price at $20 a share Wednesday after increasing the number of shares offered. The offering of 117.6 million shares will raise more than $2.35 billion, making it the second biggest IPO of 2013 after Plains GP Holdings, which went public in October raising $2.8 billion. Of the shares being offered, 64.1 million will be sold by Hilton and 53.5 million by an unidentified stockholder, Hilton said, who raised his offering from 48.7 million shares. The unidentified seller set aside an additional 17.6 million shares for underwriters to purchase, Hilton said. Hilton has touted a large increase in hotel rooms and a growing international presence since the chain was bought out by the Blackstone Group in 2007 for $25 billion. Blackstone plains to retain a 76.2 percent controlling stake in the firm after the IPO. Hilton said it plans to use proceeds from the IPO to pay down debt. Besides the Hilton chain, the company owns the Waldorf Astoria and Embassy Suites chains, among others.

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