eDreams IPO pricing gives firm €1.1bn market cap

The pricing gives the firm an initial market capitalisation of around €1.1bn.

eDreams will issue 4,878,049 shares, raising proceeds of around €50m. Ardian and Permira will retain stakes in the company after the flotation. eDreams will commence trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges on 8 April under the symbol "EDR".

The company will use the funds raised to pay down a portion of senior notes due in 2019 and to repay some of its debt. The firm reported a revenue margin of €311.9m and EBITDA of €88.8m in 2013.

The travel agent, which operates under the Opodo, Go Voyages, eDreams and Travellink brands, completed a refinancing in 2013, placing five-year secured bonds worth €325m to refinance its senior debt. Rumours regarding the IPO had emerged some months previously. 

The GPs acquired online travel agent Opodo for €450m in 2011 from parent company Amadeus, according to unquote" data. Both private equity firms invested via their existing portfolio companies Go Voyages and eDreams, with a view to merge the entities and create an online travel agent with revenues of more than €1bn.

In 2010, Permira bought a majority stake in Spanish online travel agent eDreams from TA Associates, with reports placing the deal value at more than €250m.

A consortium of investors led by Apax and Atlas Ventures committed around $20m to eDreams in 1999. The following year, 3i joined the duo and invested €16m in the firm. TA entered the company's shareholding in 2006 in a €153m buyout, leveraged with senior debt from Fortis Bank and mezzanine from TA Funds.

Deutsche Bank and JP Morgan have been appointed as joint global coordinators for the IPO and as joint bookrunners alongside Jefferies. Banco Santander and Societe Generale Corporate & Investment Banking are joint lead managers.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Southern Europe
• Exits
• Consumer
• Spain
• Permira
• Ardian (formerly Axa PE)
• IPO