It was not quite the American debut that Trivago was hoping for. The German hotel-search company had to lower its initial public offering to 26.1 million American depositary shares at $11 a share from a planned 28.5 million. The company, which will remain under the control of its biggest investor, Expedia, will raise $287 million from the offering.
The downsized IPO comes at the tail end of a difficult year for flotations. Amid investor jitters and poor post-IPO performances, the total amount raised is down 42 per cent this year, according to Thomson Reuters. Proceeds raised by internet software and service companies such as Trivago are $450 million, down 41 per cent from $762 million this time last year.