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La Quinta Launches IPO

La Quinta Launches IPO

La Quinta Holdings Inc. announced the pricing of its initial public offering of 38.25 million shares of its common stock at a price to the public of $17 per share. La Quinta has granted the underwriters a 30-day option to purchase up to an additional 5,737,500 shares at the IPO price, less underwriting discounts and commissions. The company had projected it would sell 37.2 million shares for $18-$21 apiece, according to The Wall Street Journal. The shares began trading on the New York Stock Exchange on April 9 under the symbol “LQ.” The offering is expected to close on April 14 subject to the satisfaction of customary closing conditions.

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