Diamond Resorts climbs in 1st day trading on NYSE

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Associated Press

Posted on July 19, 2013 at 8:00 AM

Updated Friday, Jul 19 at 8:02 AM

NEW YORK (AP) — Shares of Diamond Resorts International Inc. surged in their first day of trading on the New York Stock Exchange.

The timeshare company's stock added 97 cents, or 6.9 percent, to $14.97 in Friday morning trading. The shares priced at $14 per share, below the expected range of $16 to $18 per share.

Diamond Resorts raised $217 million from its initial public offering of 15.5 million shares. The Las Vegas company is selling 14 million shares, while a selling stockholder is selling 1.5 million shares. Diamond Resorts won't receive any proceeds from shares sold by the selling stockholder.

Shares are trading under the "DRII" ticker symbol.

The offering is expected to close on Wednesday.

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