Only-Apartments Goes Public in the Middle of Turmoil in the MAB

28/07/2014 – El Mundo, Cinco Dias

Tourist office Only-apartments becomes listed on the Alternative Stock Exchange Market (known as the MAB) in a very unfortunate moment for such a venture. Namely, the scandal provoked by Gowex (a Spanish Wi-fi provider that admitted falsification of its books, translator´s note) had an extremely negative impact on all firms listed on the MAB.

Catalonian Only-apartments is going to trade 35% of its capital (around 3 million shares) at the price of 1.26 Euros a share. The newly listed firm is the first European company following the Sharing Economy policy to go public.

Its founders, Elisabet Cristia and Alon Eldar (both in the picture), will maintain their joint 65% stake in Only-apartments, valued at €10 million in total.

The firm aims at raising funds for further, global expansion, dreaming about office openings in Miami, Asia and London, as well as growing on the national level. Currently, Only-apartments offers over 25.000 homes in 109 countries. It wishes to boost the number to 300.000 units.

Proceeds from France and Spain represent 25% of the total revenue of the firm established in 2006. 70 employees work for it. Italy, Germany, the United Kingdom and the Netherlands account for 30-40% of the gains. Only-apartments books 60.000 houses each year charging an 18% commission for each reservation.

 

Orignal article: El Mundo, Cinco Días

Translation: AURA REE

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