An IPO has valued Irish travel website Hostelworld at €245 million following its dual flotation on the Dublin and London stock exchanges.
According to the Irish Times, Hostelworld issued over 71 million shares at €1.85 each. The move is expected to raise €173.7 million in net proceeds for the company.
Fergal Mooney, Hostelworld chief executive, said: “The IPO will further raise our already strong brand awareness in our growing and worldwide marketplace, enhance the group’s profile with investors, business partners and customers and enable access, should it be required, to capital markets to support future growth.”
Hostelworld, which also owns Hostels.com and HostelBookers.com, was originally founded by tech entrepreneur Ray Nolan who sold it to US private equity firm Hellman & Friedman in 2009 for €202.5 million.
Nolan, who received €100 million from the deal, is also the founder of workplace social media site Worky.com and e-tail solutions site XSellCo.
