CNG, the Kenmare based online hotel reservation company, floated on London's Alternative Investment Market this morning. It hopes to raise over €30m.
CNG has placed 21.8 million ordinary shares at a price of 103p per share. The money raised will be used to repay debt, increase sales and marketing, fund acquisitions and acquire the remaining 20% stake in its US-based corporate travel agency Tzell.
CNG's core business is distributing hotel room nights to travel agents and consumers with a strong emphasis on the $35 billion US corporate hotel market. It operates through strong distribution channels which includes exclusive agreements with four of the five largest US corporate travel agents.
