ClubCorp raises $252M in IPO


ClubCorp took home less than anticipated from its initial public offering.

The Dallas, Texas-based management firm had been expected to sell its share at $16 to $18, but it ended up asking for just $14. As a result, ClubCorp and its owner, KSL Capital Partners, raised $252 million instead of $300 million or more.

ClubCorp didn’t provide a rationale for its pricing, but an online investment analyst, Seeking Alpha, had advised against the purchase, citing “anemic” membership growth, a “very high” valuation and “a large amount of insider selling.” In the end, ClubCorp sold 13.2 million shares and KSL sold 4.8 million.

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