Summarize this content up to 1000 words The Irish-based firm, which provides an online booking platform primarily aimed at hostel accommodation, saw its share price surge by 50pc less than six months after its listing at 185p per share – before halving in the space of the next three after it warned of a drop in bookings.From there, the shares went on a tear.The stock, listed in both Dublin and London, more than tripled in value before peaking at over 400p per share in the first half of 2018 – more than double the price at IPO. At that stage, the company was worth north of €500m. Unfortunately, that was as good as it got.Intermittent warnings around booking demand saw the share price halve, then halve again.And this was all before Covid, which saw the price halve once more for good measure.Fortunately, that was as bad as it got.Hostelworld was founded in 1999 and sold in 2009 for €202mSince the dark days of the pandemic put the kibosh on international travel, Hostelworld has staged a strong recovery.The share price has nearly doubled again over the last year, while a trading update published last week saw the company raise its full-year guidance after reporting record sales in the first nine months of 2023.Revenues at the Dublin-based firm surged to just over €75m during the period, a 38pc year-on-year increase. Encouragingly, net bookings were equally strong, rising by 43pc to crack 5m during the nine month period.Last year net losses narrowed, falling from €36m in 2021 to €17m in 2022.The company is now closing in on a return to its breakeven point – the big question is how long it will take to get there.Hostelworld was founded in 1999 by Thomas Kennedy, the owner of Dublin’s Avalon Hostel, and Ray Nolan, now a well-known entrepreneur involved in a multitude of successful tech firms.Initially, Kennedy was simply looking for a software system to help him better manage his business. That morphed into designing an automated booking service for thousands of hostels, which grew quickly over the years.The company was ultimately sold to private equity giant Hellman and Friedman for €202.5m in November 2009.It looked great business at the time for the founders, with Ray Nolan reportedly netting up to €100m from the deal. It looks even better in retrospect – despite its recent rise, Hostelworld is still valued both below its IPO price from 2015 and that private equity sale nearly 14 years ago.While its sales figures are encouraging, the group still has several challenges. Net debt is relatively high and the company faces stiff competition.A return to profit will likely be seen as the bellwether for the company’s performance. The 2021 and 2022 losses were both in Covid-hit years. Hostelworld recorded profits of €5.7m and €8.4m in 2018 and 2019 respectively.The group’s strong revenue figures so far this year and a pent-up demand for travel will likely put a better spin on things come the end of 2023.But the firm still has some way to go on its rollercoaster journey to reclaim its 2018 highs, or reward any public investors who saw the company’s early promise.