Selina Finally Takes Its Millennial Hotel Brand Public in a Stunning Debut
Photo Caption: A new Selina property in Washington, D.C. Source: Selina.
Skift Take
Shaky financial markets didn't deter Selina from debuting as a publicly traded company, taking advantage of a post-pandemic surge in youth travel. Critics pointed to its lack of profits. But fans praised the hotel brand's relentless experimentation in a sector that's often too cautious.
The millennial- and Gen-Z-friendly hotel group Selina debuted as a public company on Thursday, listing after completing its merger with special purpose acquisition company BOA.
It was a stunning first day of trading for Selina, with the stock closing up 319 percent to $40.90 on heavy volume.
Still, the path to the debut was complex. BOA traded on the New York Stock Exchange and closed on Wednesday at $9.45 a share. Selina debuted Thursday under the symbol SLNA on the Nasdaq exchange, starting at $9.75 a share. Final securities filings about the transaction were still pending after its debut. The share price soared in early afternoon trading on another turbulent day for stock markets.
Selina, now headquartered in London, said the deal generated about $54 million in gross proceeds to accelerate growth. That will help the capital-light company continue to offer TikTok-worthy design at its 163 open and secured properties, which it marries with coworking spaces along with easy-to-plug-into recreation, wellness, and local experiences. The core lod
