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Hilton Worldwide Could Raise Nearly $2.4 Billion in IPO This Week

Dec 02, 2013 11:00 am

Skift Take

This high-profile IPO from Blackstone is basically a fundraising drive for Hilton to pay down debt. Most everything else stays the same: Blackstone isn’t selling any of its shares and will continue to control the chain.

— Dennis Schaal

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Andrew Kelly  / Reuters

An exterior shot of the Hilton Midtown in New York June 7, 2013. Andrew Kelly / Reuters

Hilton Worldwide priced its IPO at a range of $18 to $21 per share, meaning this largest ever public offering from a hotel chain could raise nearly $2.4 billion at the top end of the range.

Hilton Worldwide would sell 64.1 million shares, shareholders would sell another 48.7 million, or a total of about 11.5% of the company’s shares, according to Reuters.

Blackstone is not selling any of its share in Hilton Worldwide and would still control the company, which would trade on the New York Stock Exchange under the symbol HLT.

The proceeds from the offering predominantly would be used to pay down debt.

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