Hyatt went public in November 2009 and its shares jumped 12% on debut

By late 2009 the US IPO market was barely open: five of the previous nine listings had closed below their offer price and several deals had been pulled. Hyatt, controlled by the Pritzker family, chose that moment to list.

On 4 November 2009 Hyatt priced 38 million shares at $25, near the top of the $23-26 range, raising $950 million. Analysts had worried about infighting among the heirs and weak hotel demand, but the shares closed the first day up 12% at $28.

The debut was called a 'mini-turning point' for the IPO market: a marquee consumer brand listing in the early recovery showed that investors would pay up for quality even while travel demand was still depressed.

Hyatt priced 38 million shares at $25, near the top of the $23-26 range, raising $950 million; the stock rose 12% to $28 on its first day despite the fragile market.

Priced near the top of the range despite the fragile market

Sold scarcity: a marquee brand in a thin IPO calendar

Kept control: the family kept two-thirds of shares and three-quarters of votes

Established a public currency for the family stake

A strong company can price a deal at the top of the range even when the IPO market is fragile — the scarcity of quality listings after a crash works in favour of the brave issuer.

Hyatt used its listing to fund growth and later shifted to an asset-light model, but the shares stayed below the offer price for years as hotel demand lagged; the family trimmed its stake as the stock recovered in the mid-2010s.