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The IPO market is in the dumps, and all the tax cuts in the world won’t help

On paper, hotel-booking site Trivago’s U.S. initial public offering was a solid deal: The German company is pretty big (657.4 million euros, or $687.0 million in revenue through the first nine months of this year), getting profitable (18.3 million euros, or $19.1 million, in earnings before non-cash expenses, interest and taxes) and even growing decently, if less than spectacularly, with sales up 12%.

Then Trivago’s TRVG, +1.02%deal got slashed in size, priced below the price range set before the IPO, and traded sideways from its eventual $11 price, failing to hold its first-trading day gains even as the Dow Jones Industrial Average DJIA, +0.07% edged toward 20,000.

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