Hostelworld raises €180m from IPO

Business, Finance | Mon 2 Nov | Author – Business & Finance
Hostel Matt McKnight

Online booking platform Hostelworld has raised over €180m from its initial public offering (IPO) on both the Irish Stock Exchange and the London Stock Exchange.

The company began trading today on the Irish Stock Exchange’s main securities market with a market capitalisation of €245m.

The company specialises in offering online booking services, maintaining a database with over 12,600 hostels and approximately 21,000 other forms of budget accommodation in more than 170 countries.

The company was founded in 1999 and owns and operates multiple customer websites and mobile and tablet apps through Hostelworld, its flagship brand, Hostelbookers and Hostels.com.

Deirdre Somers, chief executive, Irish Stock Exchange, said: “We are delighted to welcome Hostelworld, an Irish headquartered company operating globally in more than 170 countries, to the Irish Stock Exchange’s main securities market. It is great to see a company so connected with the technology and tourism sectors, where Ireland has such a strong track record, come to the market. We extend our congratulations to them on a successful IPO and wish them continued growth and success as a publicly-quoted company.”

Feargal Mooney, chief executive, Hostelworld, added: “Our IPO is a significant milestone in Hostelworld’s development and we welcome all new shareholders to the Group. Listing on the Irish Stock Exchange offers us access to global investors and will facilitate our ambitious plans to grow and generate value for our shareholders.”

Photo: Matt McKnight