Business Irish

Wednesday 21 August 2019

Gilmartin's Trainline soars 17pc as ticket booking firm's IPO leaves station


Trainline chief executive Clare Gilmartin
Trainline chief executive Clare Gilmartin

Swetha Gopinath

Trainline, which headed by Dublin woman Clare Gilmartin, ended its debut trading day up 17pc, giving optimism to investors ahead of other large European listings slated for next week.

The stock closed at 411 pence in London on Friday, in one of the best debuts among large European companies this year.

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Trainline, which now has a market value of just under £2bn (€2.2bn), priced its IPO at 350 pence a share, near the top end of its targeted range.

The IPO is the second-largest in the UK this year after Network International's April debut, which raised £1.1bn in one of Europe's biggest listings of 2019.

It also resulted in a good return for private equity backer KKR & Co, which made four times its investment at the offer price of 350 pence, according to a person familiar with the matter.

Trainline's strong debut may be a good sign for other large listings slated for the coming week, including the London float of Bharti Airtel's Africa unit, which is selling 744 million new shares in an offer valuing the carrier at as much as €3.9bn.

Across the continent, Volkswagen's truck unit Traton is also set to debut in one of the most highly-anticipated IPOs of the year.

The planned offering values the business at as much as €16.3bn.

KKR acquired London-based Trainline in 2015 for an undisclosed sum from Exponent Private Equity.

This pre-empted an IPO that would have valued the firm at about £500m, people familiar with the matter said at the time.

KKR will remain Trainline's largest shareholder after the IPO.



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