Second Public Offering By HomeAway Would Raise $200 Million, Rivaling Its Own IPO
Skift Take
HomeAway, which is way behind, but pushing hard to improve its e-commerce capabilities, is beginning to feel some heat from Booking.com on one side and Airbnb on the other. You could therefore look at this follow-on public offering as a defensive move. On the other hand, HomeAway's acquisition spree is an aggressive tack, and the public offering signals that HomeAway has no intention of slowing down.
A week after acquiring its main competition in Australia, Stayz, for $198 million in cash, HomeAway announced it intends to carry out a follow-on public offering of 5.5 million shares of its common stock, a move that likely would net more than $200 million.
The company's common stock closed at $39.90 per share yesterday.
HomeAway says it intends to use the net proceeds for "general corporate purposes, which may include acquisitions or license of, or investment in, products, services, technologies or other businesses."
HomeAway's existing shareholders intend to offer an additional
