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Intrawest Resorts drops in 1st day of trading on the New York Stock Exchange

In this undated photo shows Intrawest Corp.'s Steamboat Ski & Resort in Colo. THE CANADIAN PRESS/HO, Larry Pierce

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In this undated photo shows Intrawest Corp.'s Steamboat Ski & Resort in Colo. THE CANADIAN PRESS/HO, Larry Pierce

NEW YORK, N.Y. - Intrawest Resorts' stock is falling in its first day of trading on the New York Stock Exchange.

Shares of the mountain resort and adventure company declined 30 cents, or 2.5 per cent, to $11.70 in midday trading Friday. They had fallen as low as $10.80 earlier in the day.

The IPO of about 15.6 million shares priced at $12 per share, below the projected range of $15 to $17 per share.

Intrawest Resorts Holdings Inc. raised approximately $187.2 million from the offering.

The Denver company is selling about 3.1 million shares. An entity controlled by certain private equity funds managed by a Fortress Investment Group LLC affiliate is selling approximately 12.5 million shares.

The stock is trading under the "SNOW" ticker symbol.

The offering is targeted to close on Wednesday.

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