Hotel101 Global Holdings Corp. made history as the first Filipino company to list on the Nasdaq. The listing followed the US Securities and Exchange Commission’s approval of Hotel101’s F-4 registration statement, greenlighting its merger with blank-check firm JVSPAC Acquisition Corporation.
Photograph courtesy of Hotel101 Global
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Filipino-owned Hotel101 Global Holdings Corp. may have made history as the first homegrown company to list on the Nasdaq, but its Wall Street debut turned out to be underwhelming.
Trading under the ticker “HBNB” through a merger with blank-check firm JVSPAC Acquisition Corp. (JVSA), the company saw its shares tumble nearly 70 percent on its first day of trading — from an IPO reference price of $10 to just $3.28 at close on 1 July. Since then, shares have yet to recover past $4.17, the session high recorded during its debut.
The listing followed the US Securities and Exchange Commission’s approval of Hotel101’s F-4 registration statement, greenlighting its merger with JVSPAC. The SPAC had raised $57.5 million, originally meant to help take a private company public without the traditional IPO route.
Still bullish
While the drop in share price may spook investors, the company remains bullish on its long-term global growth strategy.
Hotel101 develops and manages condotels — properties that combine condominium ownership with hotel-style services.
Units are sold to individual investors, who earn a share of pooled rental income based on overall occupancy, not just their own unit’s performance. Each unit follows a standard 21-square-meter layout, creating a consistent offering across locations.
Currently based in Singapore, Hotel101 has nine Philippine properties either operational or in development, including Hotel101-Manila in Pasay and the fully sold-out Hotel101-Fort in BGC. Other locations include Boracay, Cebu, Palawan, Bohol, Libis and Davao.
