Hilton shares jump 7.5% in first day of trading
The hotelier raised $2.35 billion in its offering of 117.6 million shares at $20 each. That makes the total payoff larger than the $2.1 billion generated by Twitter’s IPO last month.
Hilton shares rose $1.50 to close at $21.50 in the first day of trading.
Hilton is the world’s largest hotel group with sites across the globe. It was taken private in 2007 by the Blackstone Group and returns to the market in the largest hotel IPO ever. The offering also gives it a total market capitalization well beyond that of its peers.
The McLean, Va.-based company plans to use proceeds from the offering to repay debt.
Its shares are trading under the symbol “HLT” on the New York Stock Exchange.