Diamond Resorts raises $217 million from IPO

LAS VEGAS (AP) -- Timeshare company Diamond Resorts raised $217 million from its initial public offering of 15.5 million shares Friday.

The offering was priced at $14 per share, below the expected range of $16 to $18 per share.

Diamond Resorts International Inc. is selling 14 million shares, while a selling stockholder is selling 1.5 million shares. The Las Vegas company won't receive any proceeds from shares sold by the selling stockholder.

Diamond Resorts and the selling stockholder are giving the underwriters a 30-day option to buy up to an additional 2.1 million shares from the company and up to 225,000 additional shares from the selling stockholder to cover any excess demand.

Diamond Resorts said in a regulatory filing that it plans to use its net proceeds from the offering to repay some loans and for other purposes.

The stock is expected to start trading on the New York Stock Exchange on Friday under the "DRII" ticker symbol.

The offering is targeted to close on Wednesday.