Virgin Trains USA, which owns and operates an express passenger rail system in Florida, announced terms for its IPO on Wednesday.
The Miami, FL-based company plans to raise $510 million by offering 28.3 million shares at a price range of $17 to $19. Virgin Group and Fortress/affiliates intend to purchase over 2 million shares in a concurrent private placement. At the midpoint of the proposed range, Virgin Trains USA would command a fully diluted market value of $3.0 billion.
Virgin Trains USA was founded in 2013 and booked $5 million in sales for the 12 months ended September 30, 2018. It plans to list on the Nasdaq under the symbol VTUS. Barclays, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Allen & Company are the joint bookrunners on the deal. It is expected to price during the week of February 11, 2019.
