Diamond Resorts International, Inc. announced the price of the shares to be sold in its initial public offering. Each share will cost US$14.00. A total of 15.5 million shares of common stock will be availble during the IPO. The company will sell 14 million shares. The rest, 1.5 million shares, will be sold by a selling stockholder.
Both the company and selling stockholder granted a 30-day option to underwriters. The option will allow the underwriters to buy as much as 2.1 million and 225,000 additional shares from the company and selling stockholder, respectively. These additional shares will be sold at the IPO price less underwriting discounts and commissions. These will cover any overallotments.
The shares will trade in the New York Stock Exchange under the "DRII" symbol. The shares were expected to begin trading on July 19. The expected closing of the IPO was on or about July 24, 2013. The closing was subject to customary closing conditions.
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