Hotel booking platform Trivago valued $2.89 billion at IPO
Düsseldorf, Germany-based Trivago's stock rose to a high of $12.18 in early trading.
Trivago, which is mostly owned by U.S. online travel firm Expedia, offered 26.1 million American depository shares (ADS) at $11 each on Thursday, raising $287 million for the company and selling shareholders.
Like many of this year's technology IPOs, Trivago's offering was priced well below the expected range of $13-$15.
Trivago, whose platform allows customers to search through hotel deals aggregated across a variety of online travel sites, makes much of its money from online travel agencies that pay for each click a customer makes on their hotel offers.
Expedia, which paid 477 million euros ($498.42 million) in 2012 for a 62 percent stake in Trivago, is also one of the platform's biggest customers. ■