HomeAway (AWAY) Readies $2 Billion IPO
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The IPO for HomeAway (Nasdaq: AWAY) is expected to price later this week in an offering that will value the operator of the world's largest online marketplace for the vacation rental industry at around $2 billion.
The company and existing shareholders are offering 8 million shares in the deal which is being led by Morgan Stanley, Deutsche Bank, Goldman Sachs and JPMorgan. Pricing of the shares is expected between $24-$27 per share and the shares will be listed on the NASDAQ under the symbol "AWAY."
Data in March 2011 showed the company's websites attracted over 220 million website visits and averaged over 9.5 million unique monthly visitors. As of March 31, 2011, the company had more than 560,000 paid listings of vacation rentals.
In the three months ended March 31, 2011, HomeAway generated revenues of $52.0 million, representing year-over-year growth of 43.9%. In 2010, 37.9 of the company's revenue came from outside the U.S., mostly from Europe.
The company had adjusted-EBITDA of $43.2 million in 2010 and $10.2 million in the first quarter of this year, representing growth of 41.4 percent and 76.7 percent, respectively. HomeAway generated net income of $16.9 million and $1.5 million in 2010 and the first quarter, respectively, representing year-over-year increases of 120.9% and 290.9%.
In 2010 and in the three months ended March 31, 2011, the company generated free cash flow of $51.5 million and $17.8 million, respectively, and generated cash provided by operating activities of $61.9 million and $21.0 million, respectively.
The $85 billion vacation rental business is fragmented and inefficient. It is the company's goal to dominate the sector with its trusted brands and easy-to-use solutions.
With 79,829,804 shares expected to be outstanding after the offering, a pricing at the top end of the range would give the company a market capitalization of $2.16 billion.
The company and existing shareholders are offering 8 million shares in the deal which is being led by Morgan Stanley, Deutsche Bank, Goldman Sachs and JPMorgan. Pricing of the shares is expected between $24-$27 per share and the shares will be listed on the NASDAQ under the symbol "AWAY."
Data in March 2011 showed the company's websites attracted over 220 million website visits and averaged over 9.5 million unique monthly visitors. As of March 31, 2011, the company had more than 560,000 paid listings of vacation rentals.
In the three months ended March 31, 2011, HomeAway generated revenues of $52.0 million, representing year-over-year growth of 43.9%. In 2010, 37.9 of the company's revenue came from outside the U.S., mostly from Europe.
The company had adjusted-EBITDA of $43.2 million in 2010 and $10.2 million in the first quarter of this year, representing growth of 41.4 percent and 76.7 percent, respectively. HomeAway generated net income of $16.9 million and $1.5 million in 2010 and the first quarter, respectively, representing year-over-year increases of 120.9% and 290.9%.
In 2010 and in the three months ended March 31, 2011, the company generated free cash flow of $51.5 million and $17.8 million, respectively, and generated cash provided by operating activities of $61.9 million and $21.0 million, respectively.
The $85 billion vacation rental business is fragmented and inefficient. It is the company's goal to dominate the sector with its trusted brands and easy-to-use solutions.
With 79,829,804 shares expected to be outstanding after the offering, a pricing at the top end of the range would give the company a market capitalization of $2.16 billion.
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