Thursday 20 June 2019

Gilmartin-led Trainline plans London float

Clare Gilmartin, CEO of Trainline
Clare Gilmartin, CEO of Trainline
Ellie Donnelly

Ellie Donnelly

Dubliner Clare Gilmartin is set to preside over one of Europe's biggest stock market flotations this year as CEO of Trainline.

The group said today it planned to float the online rail and coach travel platform in London to increase its profile and tap into the growing demand for e-ticketed travel across Europe.

Founded more than 20 years ago, the British company sells tickets from 220 rail and coach carriers across 45 European and Asian countries on its website and mobile app, generating net ticket sales of £3.2bn (€3.6bn) in the fiscal-year 2019.

The platform, which employs more than 600 people in London, Paris and Edinburgh, was bought by KKR in 2015.

It intends to have a free float of 25pc of the company's issued share capital, with around £50m (€57m) raised through the issue of new shares, and a larger but undisclosed sum raised from the sale of existing shares.

Ms Gilmartin, previously with eBay, said the time was right to list the company, as the profitable business seeks to benefit from government drives to increase train travel.

More than 60pc of tickets in the five biggest European rail markets are still sold offline, she said, showing the potential to grow further.

In April Ms Gilmartin told the Irish Independent there were "no immediate plans" to sell.

(Additional reporting Reuters)

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