Bloomberg Línea — Selina Hospitality (SLNA) debuted on the New York Stock Exchange on Thursday, with its share price jumping from $9.79 per share to $41 on its first day of trading, a hike of more than 318%.
The hotel operator targeting millennial and Gen Z guests launched on the NYSE hand-in-hand with a special-purpose acquisition company, Boa Acquisition Corp (BOAS), after the two signed an agreement in December 2021.
At the time of the deal, Selina Hospitality was valued at $1.2 billion and, according to Bloomberg News, the transaction included $70 million in exchange for shares of South Light Capital, MORE Investment House and Ronald Cohen, co-founder of Apax Partners.
According to the BOAS merger closing announcement issued this week, the cash-for-equity amount decreased in July to $55 million.
Ahead of its IPO debut, Selina reported revenues of $86 million for the first half of 2022, a 142% year-over-year rise thanks to improvements in company management and the opening of hotels in 13 locations, the company said in a statement.
At the end of the first half of 2022 Selina Hospitality had 163 properties open and secured in 25 countries on six continents, with a total of 27,000 beds, the company said.
Selina, founded by entrepreneurs Rafael Museri and Daniel Rudasevski, began operations with one beachfront property in Los Santos, Panama. From there, the chain specialized in finding spots in locations preferred by young travelers as the concept of ‘digital nomads’ emerged.
The company is based in London and, in addition to the hotels it operates, it also offers vacation rental properties, collaborative work spaces, wellness services and tours, among other products.