European Online Booking Company Odigeo To Raise About $480M in IPO
Odigeo, the Spanish online travel agency, plans to announce an initial public offering to raise about 350 million euros ($482 million) as early as today, helping end a three-year listings drought in Spain, according to three people with knowledge of the transaction.
Odigeo, owned by Permira Advisers LLP and Ardian, the private-equity firm formerly known as AXA Private Equity, would then begin trading in Madrid in early April, said the people, who asked not to be named as the details aren’t public. The Barcelona-based firm could be valued at about 1.5 billion euros, including about 300 million euros in debt, and may float as much as 30 percent, one of them said.
Spanish companies including Applus+, which inspects everything from cars to electronics, and cable operator Grupo Corporativo ONO SA are planning IPOs as investors return to the Iberian market on the promise of an economic recovery. There were no IPOs in Spain since the April 2011 listing of Bankia SA, the domestic lender which then required a government bailout during the sovereign debt crisis, according to data compiled by Bloomberg.
Representatives for Permira and Ardian declined to comment.
Read full story at: http://skift.com/2014/03/03/spain-booking-site-odigeo-to-announce-ipo/