HomeAway prices secondary stock offering

Dec 13, 2013
Austin Business Journal

Vacation home rental listing service HomeAway Inc. plans to raise $222 million in a secondary public offering of its stock


The Austin-based company (Nasdaq: AWAY) plans to sell more than 6 million shares at $37 per share. About 5.5 million shares are being sold by the company, with the remaining balance being sold by shareholders, according to a Friday filing with the U.S. Securities and Exchange Commission


Proceeds would be used for “general corporate purposes, which may include acquisitions or license of, or investment in, products, services, technologies or other businesses,” HomeAway reported on Tuesday


Acquisitions are nothing new for the company. HomeAway has been busy buying other vacation home listing companies at a regular basis since it launched in 2005. Last week, it acquired Australia-based Stayz Group, a division of Fairfax Media Ltd., for $198 million. The deal is expected to add 33,000 Australian-based properties to the HomeAway network


HomeAway operates websites listing vacation home rentals. It employs about 1,443 workers, with 754 based in Austin


In a November deal expected to add tens of thousands additional listings to HomeAway’s inventory, the company disclosed an agreement to partner with Switzerland-based Interhome AG. It also bought an ownership stake in New Zealand-based Bookabach Ltd. for an undisclosed amount


Last month, HomeAway posted a third-quarter profit of $8.3 million on revenue of $90.1 million compared with a profit of $5.1 million on revenue of $73.1 million during the same period a year earlier


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