Exponent-owned Trainline to float on LSE

The company aims to raise £75m in the IPO, which will see majority backer Exponent and co-investor HarbourVest Partners realise part of their investments in the company.

Media sources state the business will have a market cap of around £500m.

Both investors have agreed to a lock-up period of six months following the listing, with company directors agreeing to a lock-up period of a year.

Following the flotation, Trainline anticipates having a free float of around 25% with an over-allotment option of up to 15%.

Established in 1999, Trainline sells rail tickets online through the thetrainline.com website. In addition to its own site, the company operates retail websites for train operators. It also works with corporate clients and travel agents. The business reported adjusted EBITDA of £21m for 2014, up from £14.4m in 2013 and £9.1m the year before.

Exponent bought Trainline in a £163m MBO in 2006 from a consortium of shareholders including Virgin, Stagecoach and National Express. Barclays arranged the senior and mezzanine debt package on the deal.

The following year, Trainline acquired Advanced Smartcard Technologies in a take-private that valued the business at £18.7m. In September 2013, the company secured a £190m refinancing, which also saw Exponent make a partial exit.

Morgan Stanley, JP Morgan and Numis are acting as joint bookrunners for the IPO process, with admission expected to take place in February.

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

• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Exponent Private Equity
• HarbourVest Partners Limited