Travelport IPO Raises 480 million

Friday, 25 Sep, 2014 0

Booking platform Travelport Worldwide Ltd has raised $480 million from its IPO, pricing its shares at the higher end of the estimated range at $16 each.

The company sold 30 million shares giving it an enterprise value of around $4.3 billion.

The shares will then be open for trading today on the New York Stock Exchange under symbol TVPT.

This is Travelport’s second attempt at going public, after abandoning a $1.8 billion bid to list on the London stock exchange in 2010.

That share sale was subsequently canceled due to market volatility at the time.

Travelport will use the proceeds of the IPO to reduce its debt.

It has posted operating losses in four of previous five years and earlier this year disclosed total debt was $3.3 billion.

The company said net revenue amounted to just over $2 billion, from processing over $85 billion in travel transactions.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.