Expedia-owned Trivago files for IPO worth $400 million

Hotel comparison website Trivago, through holding company Travel BV, has filed with an offering size of $400 million. 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, reports Bloomberg Markets.

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“In the 12 months ended Sept. 30, 2016, we tracked approximately 1.4 billion visits to our websites and apps, resulting in 487 million qualified referrals, and offered access to approximately 1.3 million hotels in over 190 countries,” reads the filing. The company’s net loss was $57.8 million in the first nine months of 2016.

Expedia accounts for a significant amount of the company’s revenue, as well, to the point where it is essentially carrying Trivago along with it.

“In the years ended Dec. 31, 2014 and 2015 and for the nine months ended Sept. 30, 2015 and 2016, Expedia accounted for 32 percent, 39 percent, 39 percent and 35 percent of our revenue, respectively,” states the filing.

Analysts have previously valued Trivago at $5 billion. Business Insider previously reported that Trivago was looking to list its shares by the end of November. A filing at this point in the month makes that impossible, but Trivago could still debut before the end of the year. 

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