Sabre looks to go public
Travel tech firm Sabre says it is hopeful of raising almost $900 million in its upcoming initial public offering.
It said it will sell 44.7 million shares for $18-$20, detailed in a Securities and Exchange Commission filing on Friday.
The firm has not yet confirmed the date for the IPO.
Sabre’s owners, Texas Pacific Group and Silver Lake Partners, will offer around 17% of the company in the IPO and based on $20 a share, which would give the company a valuation of over $5 billion.
Sabre’s former CEO Sam Gilliard first expressed a desire to take the company public again over three years ago.
Current CEO Tom Klein publicly revealed the company’s financial health in January, showing net losses every year since 2008.
Sabre recorded a loss of $154.5 million for the first 9 months of 2013 but revenue rose slightly by less than 1% to $2.34 billion.
In its initial S-1 statement filing in January, Sabre said it would to use proceeds from the IPO to help pay down debt.
Sabre, based in Southlake, Texas, provides global distribution and IT services to the travel trade and is the parent company of Travelocity.
It has a near 10,000 workforce employed in 60 countries.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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