Hotel101 Global Holdings Corp. (Nasdaq: HBNB), the first Filipino company to list on the Nasdaq, saw its shares tumble 70 percent on its first day of trading, closing at US$3.28. The steep decline followed its merger with JV SPAC Acquisition Corp., whose shares closed at a significantly higher level the previous trading day.
According to Abacus Securities, Hotel101’s post-merger market capitalization stands at approximately US$767.6 million—less than a third of the previously published US$2.3 billion “deemed” equity value. Analysts criticized the lack of transparency surrounding the SPAC merger details, including share issuance and financial disclosures, making it difficult to accurately gauge the company’s true worth.
Abacus also noted that the value attributable to DoubleDragon, which owns Hotel101, is around US$747.3 million, about 40 percent higher than DoubleDragon’s current market valuation, but still far from earlier expectations.
The dramatic market debut raises concerns about investor confidence and the credibility of Hotel101’s aggressive global expansion plan, which includes a 1-million-room goal across 100 countries. The company is currently completing its first overseas project in Madrid, Spain.
