Morgans Increases IPO Size
WASHINGTON, DC, January 19, 2006. Underwriters for Morgans Hotel Group Co. have increased the offering size of the company's pending initial public offering, giving it a range up to $425 million in common stock from $350 million, according to an amended Form S-1 filed with the Securities and Exchange Commission.
The New York-based hospitality company originally filed an IPO this past October to sell up to $300 million in common stock. On January 3, the company raised its IPO size to $350 million.
The company hasn't disclosed the number of shares to be offered or an estimated price range for the IPO in the latest filing.
Morgans Hotel said it will contribute the net proceeds from the IPO to Morgans Group LLC, its operating company, in exchange for a number of membership units in Morgans Group, which will use the net proceeds to repay debt and for general corporate purposes.
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