Trainline’s share price has soared in the company’s initial public offering (IPO) in London this morning, valuing the online rail tickets retailer at £1.68, as reported by Reuters. Trainline’s IPO comes hot on the heels of Slack’s stellar market debut on the other side of the Atlantic yesterday.
Trainline makes market debut
Trainline priced its float at 350p per share this morning, as it debuted on the London Stock Exchange under the ticker symbol TRN, targeting market capitalisation of about £1.68 billion. Shares being sold by the investors equate to a total offer size of £951 million and represent 56.5 percent of the ticket service’s issued share capital on Admission.
The pricing is at the top of the company’s targeted range, while Trainline’s share price, jumped in morning trade, and as at 09:32 BST, stood at 421.50p.
“We are delighted to be starting life as a public company on the London Stock Exchange” Trainline’s CEO Clare Gilmartin commented in the statement, adding that the company believed that it “was uniquely positioned to capitalise on the vast opportunity ahead and accelerate our expansion for the benefit of our customers, our train and coach company partners and our shareholders”.
Long way to Trainline IPO
The ticket service’s market debut comes after the company first mulled over a float back in 2015. Trainline, however, scrapped the plans after KKR agreed to buy the company for about £500 million. Reuters meanwhile reports that Trainline opted to push on with the IPO despite sources saying private equity firms had expressed interest in buying it.
Trainline’s admission on the LSE’s Main Market and the start of unconditional dealings is scheduled to take place at 08:00 BST on June 26. The company expects to be considered eligible for inclusion in the FTSE UK Index Series in due course.