Hotel-Search Firm Plans IPO of Up to $428 Million
December 05 2016 - 12:40PM
Dow Jones News
Travel B.V., which plans to change its name to Trivago, provided
details of its planned initial public offering of as much as $428
million in American depositary shares.
The hotel-search site's planned IPO includes 28.5 million ADRs
that are expected to price in an estimated range between $13 and
$15 apiece, according to a regulatory filing. The company plans to
sell roughly 18.1 million ADRs, and selling shareholders plan to
sell 10.4 million ADRs.
Trivago expects to use its share of the IPO proceeds, estimated
at about $235.4 million, to increase its financial flexibility and
for other purposes. The company won't receive any proceeds from the
selling holders' ADRs.
After the IPO, Trivago will continued to be controlled by
Expedia Inc., its biggest shareholder.
The company's online and mobile platform allows consumers to
search through multiple hotel booking options at the same time and
compare prices. Revenue is generated from online travel agencies,
hotel chains and independent hotels that advertise on its site. The
advertisers are charged on a "cost-per-click" basis when a user
clicks on an advertised hotel rate and is referred to that
advertiser's website, where the booking can be completed.
Travel B.V. has applied to have its ADRs listed on Nasdaq under
the ticker symbol TRVG.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 05, 2016 12:25 ET (17:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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