The Denver-based company raised $187.5 million after its initial public offering of 15.6 million shares was priced at $12 per share, significantly below the expected pricing range of $15-$17.
Selling shareholders sold 12.5 million shares in the offering, while the rest came from Intrawest Resorts.
The company’s shares opened at $11.11 and touched a low of $11.03 on the New York Stock Exchange.
The owner of Canadian Mountain Holidays, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.
Goldman Sachs, Credit Suisse, Deutsche Bank and Merrill Lynch, Pierce, Fenner & Smith were lead underwriters to the offering.
Neha Dimri is a reporter for Reuters News in Bangalore