Diamond Resorts Prices IPO At $14/Share, Below Expected $16-$18 Per Share Range

(RTTNews) - Diamond Resorts International Inc. announced Friday that it has priced its initial public offering of 15.50 million shares of its common stock at a price of $14.00 per share, which is below its previously estimated $16.00 to $18.00 per share range.

The company is selling 14.00 million of these shares of common stock and a selling stockholder is selling the remaining 1.50 million shares of common stock. In addition, the company and the selling stockholder have granted to the underwriters a 30-day option to purchase up to 2.10 million additional shares from the company and up to 225,000 additional shares from the selling stockholder at the initial public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any.

The shares are expected to begin trading on the New York Stock Exchange under the symbol "DRII" on July 19, 2013, and the offering is expected to close on or about July 24, 2013, subject to customary closing conditions.

Credit Suisse, BofA Merrill Lynch, J.P. Morgan and Guggenheim Securities are acting as joint book-running managers, and Cantor Fitzgerald & Co. is acting as co-manager.