Despegar.com stock takes off with New York IPO
Latin American online travel company Despegar.com saw its stock price rise 22.2% from the initial US$26 per share priced by the company following its debut on the New York Stock Exchange.
The Argentina-based company, which offers a broad suite of airfare and hotel bookings and other travel packages, saw its stock close at US$31.78 on Wednesday. The company offered 12,770,000 ordinary shares, raising US$332mn, the Financial Times reported.
The IPO will close on September 22. Despegar.com has granted a 30-day option to purchase an additional 1.91mn ordinary shares at the IPO price.
The IPO was 13.4 times oversubscribed, Despegar.com CEO Damian Scokin was quoted as saying by Reuters.
Over the 12-month period ending in June 2017, Despegar had 140mn unique visitors to its platform.
Prior to the IPO, Expedia owned a 16.4% stake in Despegar.
Morgan Stanley, Citigroup, Itau BBA, Cowen, UBS and KeyBanc Capital Markets are the underwriters of the IPO.
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