Trainline to float on London stock market
London-based online train and bus booking platform, Trainline, has confirmed it plans to list itself on the London Stock Exchange.
The company made the announcement via its current owner, Victoria Investments.
Trainline sells rail and coach tickets to millions of travellers worldwide, enabling them to seamlessly search, book and manage their journeys all in one place via its website and mobile app.
It offers tickets ofr UK rail travel as well as continental travel with European train companies such as Eurostar, TGV, Thalys and Deutsche Bahn.
“The directors believe that the offer would further support Trainline's growth plans by increasing the group's public profile and brand awareness as well as providing a base of long term shareholders whilst also providing potential liquidity opportunities for shareholders,” Trainline said.
The company, said that, should the IPO proceed it is expected to seek a premium listing on the Official List of the Financial Conduct Authority and admission to trading on the Main Market for listed securities of the LSE.
Possible windfall for employees and directors
The offer would be comprised of new shares to be issued by the company and an offer of existing shares to be sold by certain existing shareholders, directors and employees.
Immediately following admission, the company said it intends to have a free float of at least 25 per cent of the issued share capital and an over-allotment option of up to 15 per cent of the total offer size would be made available by some of the existing shareholders.
Trainline has built a proprietary, micro services-based technology platform, incorporating deep inventory connections to carriers (enabling all fares/ticket types) and a seamless and intuitive user experience including a bespoke multi carrier, multi modal search system.
Trainline leverages its scale in data to create unique AI driven features like Price Prediction, Delay Prediction and 'BusyBot', and comprehensive post-sale functionality.
Trainline was set up in 1997 and was previously owned by Virgin Group. It has grown to become the leading independent rail and coach travel platform globally, attracting more than 80 million visits each month.
It has a highly-rated 4.7-star app and in turn a high repeat rate, with approximately 80 per cent of sales coming from repeat customers in FY 2019.
£3.2bn in sales for 2019
The company said that in FY 2019, it achieved net ticket sales of £3.2 billion, and revenue of £210 million.
"We are the leading independent rail and coach platform globally, selling tickets on behalf of 220 carriers across 45 countries”, said Clare Gilmartin, CEO of Trainline.
“Our aim is simple: to make rail and coach travel easier for millions of people, saving our customers money, time and hassle - and thereby encouraging more environmentally sustainable travel choices.
“I am especially proud of the team and culture we have created at Trainline and excited by the global growth opportunity that lies ahead for the business."
Trainline has engaged J.P. Morgan Securities and Morgan Stanley & Co. International plc to act as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners.
KKR Capital Markets Limited will act as Joint Global Co-ordinator and Joint Bookrunner and Barclays Bank, acting through its investment bank, and Numis Securities Limited will act as Joint Bookrunners in the event the Offer proceeds.
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