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Virgin Trains USA LLC yesterday announced it's launching an initial public offering (IPO) of 28.3 million shares of common stock per a Securities and Exchange Commission filing.The private intercity passenger-rail company in Florida — which formerly was known as Brightline — also plans to grant the underwriters a 30-day option to purchase up to an additional 4.25 million shares at the IPO price, less underwriting discounts and commissions. The expected IPO price is between $17 and $19 per share.The shares will be listed on the Nasdaq Global Select Market under the "VTUS" ticker symbol. Prior to the start of trading, Virgin Trains USA will be converted to a Delaware corporation named Virgin Trains USA Inc.Barclays, J.P. Morgan and Morgan Stanley are serving as lead book-running managers for the proposed offering. Additional book-running managers are BofA Merrill Lynch and Allen & Company LLC, while co-managers are JMP Securities, Raymond James and Stephens Inc.Last year, Virgin Trains USA launched service between Miami, Fort Lauderdale and West Palm Beach. The company plans to expand passenger-rail service to Orlando and Tampa. Brightline — which marked its first anniversary Jan. 13 and has carried nearly 600,000 passengers — is transitioning to Virgin Trains USA branding this year.
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