Despegar.com, a leading online travel agency in Latin America, announced terms for its IPO on Thursday.
The Buenos Aires, Argentina-based company plans to raise $313 million by offering 12.8 million shares (32% insider) at a price range of $23 to $26. At the midpoint of the proposed range, Despegar.com would command a fully diluted market value of $1.6 billion.
The company's shareholders include Tiger Global and Expedia (Nasdaq: EXPE).
Despegar.com was founded in 1999 and booked $466 million in sales for the 12 months ended June 30, 2017. It plans to list on the NYSE under the symbol DESP. Morgan Stanley and Citi are the joint bookrunners on the deal. It is expected to price during the week of September 18, 2017.
