Permira, Ardian-backed eDreams eyes €1.1bn valuation through IPO


sun sunset solar beach holiday seaPrivate equity-backed online travel business eDreams Odigeo has priced its shares to give it a market capitalisation of €1.1bn in its forthcoming IPO.

Permira and Ardian bought the business in 2011 from Amadeus for €450m through portfolio companies Go Voyages and eDreams, with they later merged to create Odigeo.

The €10.25 per share offer will see eDreams begin trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges under the symbol EDR.

That pricing should see it raise about €50m through the listing.

Last year the company placed €325m of bonds in a bid to refinance its senior debt.

In the nine months ending December 31, 2013, the company had a revenue margin of €311.9m and recurring EBITDA of €88.8m, compared to €268.1m and €80.4m respectively for the same period in 2012.

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