Bravofly Rumbo Group shares fell on the initial trading debut of the Swiss travel booking company after the stock was sold in the top half of the price range.
The shares opened at 45 Swiss francs and traded at 46 francs as of 10:26 a.m. in Zurich. Bravofly sold 5.3 million shares at 48 francs apiece in the 256 million-franc ($291 million) stock sale. The original price range was 40 francs to 52 francs.
The offering of Chiasso-based Bravofly, whose shareholders include the founders, the Agnelli family and Ardian, the private-equity firm formerly known as AXA Private Equity, comes amid a consolidation of Europe’s travel websites. EDreams Odigeo, a Spanish booking website, fell 4.3 percent below its IPO price on April 8 in Madrid on its trading debut.
Bravofly’s site is used to arrange flights, cruises, hotels and rental cars. Bravofly has said it plans to use the proceeds from the IPO for acquisitions and to expand geographically.
European online bookings may rise 9.2 percent this year to $117.2 billion, Goldman Sachs Group Inc. wrote in a report last month.
Bravofly’s profit rose to 12.3 million francs in 2013 from 6.7 million francs in 2012.
Bravofly’s books were covered on April 2, one day after it started the IPO, two people familiar with the matter who asked not to be named told Bloomberg News. Bravofly accelerated the share sale timetable on April 9, citing strong investor demand.
Credit Suisse Group AG, Morgan Stanley and UBS AG were joint global coordinators and joint bookrunners for the IPO. Mediobanca SpA acted as joint bookrunner for the offering, Bravofly said.
With assistance from Zoe Schneeweiss in Zurich.