ClubCorp Holdings Inc., the largest owner of private golf and country clubs in the U.S., raised $252 million in its initial public offering, pricing its shares below the marketed range.

The company and an existing stockholder sold 18 million shares for $14 each, according to data compiled by Bloomberg, after offering them for $16 to $18 apiece. The stock will start trading Friday, listed on the New York Stock Exchange under the symbol MYCC.

Affiliates of KSL Capital Partners LLC, a private-equity firm focused on travel and leisure that acquired ClubCorp in December 2006, plan to keep a majority stake after the offering, according to the prospectus. The firm planned to sell 7.1 million shares in the IPO, while Dallas-based ClubCorp planned sell 10.9 million and use the proceeds to reduce debt, the filing shows.

At the midpoint of the offering range, ClubCorp was valued at $1.65 billion including debt, according to data compiled by Bloomberg based on the original IPO terms.

Founded in 1957 with one country club in Dallas, ClubCorp owns or operates 152 clubs with locations in 17 major metropolitan areas. The company owns the underlying real estate of 81 golf and country clubs.

The offering was led by Goldman Sachs Group Inc., Jefferies Group LLC and Citigroup Inc.