Virgin Trains USA, which owns and operates an express passenger rail system in Florida, officially withdrew its plans for an initial public offering on Friday after postponing the deal last week. It had filed to raise $510 million by offering 28.3 million shares at a price range of $17 to $19, which would have given it a market cap of $3.0 billion.
The Miami, FL-based company was founded in 2013 and booked $5 million in sales for the 12 months ended September 30, 2018. It had planned to list on the Nasdaq under the symbol VTUS. Barclays, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Allen & Company were set to be the joint bookrunners on the deal.