Travelocity owner Sabre rises 4 percent in IPO
Shares of Travelocity owner Sabre rises 4 percent in debut; co. valued at over $3.9 billion
SOUTHLAKE, Texas (AP) -- Shares of Sabre Corp. are rising 4 percent in their stock market debut, in an initial public offering that values the travel software company at over $3.9 billion.
Sabre owns online travel company Travelocity and sells software and services to airlines, hotels and travel agencies that help them buy and sell flights, rooms and tours.
The Southlake, Texas, company raised $627.2 million after pricing 39.2 million shares at $16 each. That's below the range of $18 to $20 per share Sabre expected. It plans to use proceeds to pay down debt.
Its shares are listed on the Nasdaq stock market under the ticker symbol "SABR."
They are up 66 cents, or 4.1 percent, to $16.66 in morning trading Thursday while the broader markets are mixed.
