Progressive Railroading

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry



This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.






Rail News Home Passenger Rail

1/31/2019



Rail News: Passenger Rail

Virgin Trains USA unveils IPO


advertisement

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.



Contact Progressive Railroading editorial staff.

More News from 1/31/2019