Tiger Global’s Despegar Marks First Argentine IPO of 2017
- Company raises $332 million as IPO momentum starts to build
- Expedia partner Despegar offers Latam online travel services
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Online travel company Despegar.com Corp. met its goal of raising $332 million in the first overseas initial public offering for an Argentine company in more than 16 months.
The Buenos Aires-based online booking company sold 12.77 million shares at $26, pricing at the top if its range and marking only the third IPO since President Mauricio Macri took office in 2015. The company, which operates under the Despegar brand in most of Latin America and Decolar in Brazil, sells airline tickets, travel packages, hotels and other related products. Shares rose as much as 17 percent to $30.4 per share after opening on the New York Stock Exchange today under the ticker symbol "DESP."