Fast Track to Taking Diamond Resorts International Public
Saturday, July 13, 2013
Normally it takes months for a business that files an S-1 prospectus with the SEC to go forward with an IPO. But thanks to the Jumpstart our Business Startups (JOBS) Act, the process can be highly streamlined, as it appears to be for Diamond Resorts International. (See: Diamond Resorts Timeshare Files Public Offering)
Diamond Resorts International initially filed confidentially on January 24, 2013. Confidential filing allows companies to test the waters and gauge the interest because their private SEC filing is available only to qualified investors. The lead underwriters for this initial public offering include Credit Suisse, Bank of America Merrill Lynch, JPMorgan, and Guggenheim Securities. Diamond Resorts International will list on the New York Stock Exchange under the ticker “DRII.”
The Las Vegas-based timeshare company owns and operates 79 resorts in the US, Mexico, the Caribbean, and Europe. Diamond Resorts International has some 490,000 member families and includes a network of 295 vacation destinations as well as four cruise itineraries.
Since the beginning of the year, 94 IPOs have been filed according to IPO Financial.com and CNBC.com; of which sapproximately 48 were JOBS Act deals. Experts estimate that there could be another 40 or more companies set to also file before the end of the summer.