Expedia’s German Hotel-Booking Site Trivago Files for IPOby
Expedia Inc.’s German hotel-booking site Trivago filed for an initial public offering in the U.S.
Trivago, through holding company Travel BV, filed Monday with an offering size of $400 million, which is a placeholder amount that may change. It is seeking to list its American depositary receipts on the Nasdaq under the symbol TRVG, according to a regulatory filing.
Trivago will have two classes of shares after the offering. The company plans on selling Class A shares to the public, according to the filing. Those shares are currently held by Trivago management including Rolf Schroemgens, Peter Vinnemeier and Malte Siewert.
Class B shares will be held solely by Expedia, which doesn’t plan to sell its stake.
Expedia first bought into Trivago in 2012, paying about $628 million in cash and stock for 61.6 percent of the company. The acquisition was part of a push by Expedia to expand its presence in Europe.
Trivago posted a net loss of $57.8 million on revenue of $425.6 million plus related-party revenue of $231.8 million in the first nine months of this year, according to the filing. JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley are leading the offering.