Hyatt Hotels to Test the IPO Waters
This week's IPO of Hyatt Hotels Corp. will be a big test for the offerings market. After investors warmed to new issues this past summer, they lately have gotten much more picky, pushing issuing prices down, as well as the prices of companies that debuted in recent months. Hyatt, the world's 10th-biggest hotel chain by number of rooms, hopes to raise as much as $988 million and will take the single-letter H ticker symbol when it debuts on the New York Stock Exchange. But the initial public offering will expose the chain's own struggles at a time when rising volatility in the stock market has made IPOs less attractive.