Despegar.com sets IPO terms
Despegar.com, Latin America's largest online travel service, aims to raise up to US$332mn through an IPO on the NYSE.
In a filing with US securities regulator SEC, Despegar said it will offer 12.7mn ordinary shares in a price range of US$23-$26.
The Buenos Aires-based company's ticker symbol will be DESP.
The advisors for the IPO are Morgan Stanley and Citigroup.
Despegar, which serves 20 markets in the region, reported first half revenues of US$249mn, gross bookings of US$2.1bn and 2.5mn customers. In Brazil, it operates under the Decolar.com brand.
Latin America's online travel bookings are expected to grow to US$47.6bn by 2020 from US$29.7bn last year, the group said, citing Euromonitor International.
Online travel bookings in the region will continue to be driven by a steady increase in internet penetration, the growing adoption of mobile devices (especially smartphones) and an expanding middle class with greater access to credit and other financial services, said Despegar.
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