Blackstone-backed Travelport Worldwide refiles in the US for an estimated $800 million IPO

Travelport Worldwide, which provides transaction processing technologies and services to the travel industry, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate it could raise at least $500 million to $1 billion.

The company was formed in 2006 when Blackstone bought complementary travel technology businesses from Cendant. In 2010, Travelport launched an IPO expected to raise $2 billion on the London Stock Exchange, but later withdrew. The company completed a major debt refinancing in 2013 where it simplified its capital structure and majority owner Blackstone sold its down to 13%. Travelport is the second PE-backed Global Distribution System operator to file for an IPO this year, following close peer Sabre's (SABR) public offering in April.

The Atlanta, GA-based company, which booked $2.1 billion in sales for the 12 months ended March 31, 2014, under the symbol TVPT. Morgan Stanley, UBS Investment Bank, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed and an exchange has not been selected.