News out of the financial community involves Peak Resorts, Inc., a St. Louis company that owns or leases 12 ski resorts from New England to the Midwest, has reportedly filed for a $40.3 million initial public offering of its common stock.
New reports are that, if approved by the Securities and Exchange Commission, and completed, the funds will be sued to repay debt for development costs at the venerable Mount Snow Resort in Dover, Vt. Peak Resorts acquired Mount Snow in 2007 for $73.5 million. Any remaining proceeds from the IPO will be used for working capital and general corporate purposes.
Peak Resorts has reportedly grown its revenues more than 180 percent from its 2006 fiscal year to 2010, when the company's revenues totaled $90 million. IPO filings have begin to increase following a significant decline with the nation's economy.
Stockanalyst.com quotes Chris Woronak, an analysts with Deutche Bank Securites in New York noted that ski resorts are carefully watching the recent and successful IPO of Whistler Blackcomb. Woronak added that equity markets, in general, have become strong of late.
Peak Resorts recently announced an $8.5-million project that will add a state-of-the-art high-speed, detachable, six-seat, bubble chair to the lift infrastructure of this historic Vermont resort, and upgrade the Grand Summit Express as well.