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Hilton shares jump in initial trading

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The Associated Press | December 12, 2013 10:59 AM EST | AP


Hilton Worldwide Holdings Inc. shares jumped in their market debut.

The hotelier raised $2.35 billion in its offering of 117.6 million shares at $20 each. That makes the total payoff larger than the $2.1 billion generated by Twitter's IPO last month.

Hilton shares rose $1.68, or 8.4 percent, to $21.68 in midmorning trading Thursday.

Hilton is the world's largest hotel group with sites across the globe. It was taken private in 2007 by the Blackstone Group and returns to the market in the largest hotel IPO ever. The offering also gives it a total market capitalization well beyond that of its peers.

The McLean, Va.-based company plans to use proceeds from the offering to repay debt.

Its shares are trading under the symbol "HLT" on the New York Stock Exchange.