Bluegreen Vacations Corp (NYSE:BXG) recently went public and the stock has soaring ever since.
Here are seven things to know about the company’s initial public offering (IPO):
- On Nov. 20, Bluegreen Vacations Corp. launched its IPO at a price of $13 per share.
- The Boca Raton-based timeshare company is trading on the New York Stock Exchange under “BXG.”
- The company offered 3.74 million shares, which were designed to raise up to $52.3 million before expenses.
- The company’s current sole owner, BBX Capital Corp (NYSE:BBX), offered to share 2.76 million shares in order to collect $38.7 million before expenses.
- It was expected upon the IPO that BBX will own 90% of Blugreen stock following the move. Bluegreen was once publicly traded and BBX owned most of its stock. In 2013, BBX bought all of Bluegreen’s outstanding shares for about $300 million. At the opening IPO price, Bluegreen was valued at $1.05 billion.
- The company’s board is led by Chairman Alan B. Levan and Vice Chairman John “Jack” Abdo, who have these same positions with the board of BBX. Shawn B. Pearson is the CEO and president of the company since February.
- “Bluegreen previously enjoyed a long-standing listing relationship with the NYSE for many years, and we are very pleased to bring Bluegreen back to the NYSE in its 225th anniversary year,” Pearson said.
BXG stock fell a fraction of a percentage Friday.