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(Reuters) - Shares of Trivago rose as much as 10.7 percent in their debut on Friday, valuing the hotel booking platform at about $2.89 billion.
Düsseldorf, Germany-based Trivago's stock rose to a high of $12.18 in early trading.
Trivago, which is mostly owned by U.S. online travel firm Expedia Inc, offered 26.1 million American depository shares (ADS) at $11 each on Thursday, raising $287 million for the company and selling shareholders.
Like many of this year's technology IPOs, Trivago's offering was priced well below the expected range of $13-$15.
IPOs have raised 42 percent less so far this year than they did in 2015, according to Thomson Reuters data, amid uncertainty among investors and poor post-IPO performances.
Internet software and service companies such as Trivago raised $450 million so far in 2016, down 41 percent from $762 million this time last year.
The IPOs of Dell Inc's SecureWorks Corp and Twitter Inc CEO Jack Dorsey's Square Inc earlier this year were also priced well below expectations.
Trivago, whose platform allows customers to search through hotel deals aggregated across a variety of online travel sites, makes much of its money from online travel agencies that pay for each click a customer makes on their hotel offers.
Expedia, which paid 477 million euros ($498.42 million) in 2012 for a 62 percent stake in Trivago, is also one of the platform's biggest customers.
Trivago rival Tripadvisor Inc's stock has tumbled in recent months as growth has slowed in an industry challenged by the increasing number of hotels that encourage booking directly through their own websites.
Trivago filed with the U.S. Securities and Exchange Commission under the name Travel BV, a Dutch limited liability company, formed to be the holding company for Trivago. Trivago said on Thursday that Travel BV will change its name to Trivago NV before the offering completes.
JPMorgan Securities LLC, Goldman Sachs & Co and Morgan Stanley & Co LLC were among the underwriters for the offering.
Reporting by Richa Naidu in Bengaluru; Editing by Martina D'Couto