Virgin Trains USA (VTUS) plans to raise $509 million in an initial public offering (IPO) on Wednesday, February 13th, IPO Scoop reports. The company will issue 28,300,000 shares at a price of $17.00-$19.00 per share.
In the last 12 months, Virgin Trains USA generated $5.2 million in revenue and had a net loss of $95.8 million. Virgin Trains USA has a market-cap of $3 billion.
Barclays, J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Allen & Company served as the underwriters for the IPO and JMP Securities, Raymond James and Stephens were co-managers.
Virgin Trains USA provided the following description of their company for its IPO: “We own and operate an express passenger rail system connecting major population centers in Florida, with plans to expand operations further in Florida, Las Vegas and elsewhere in North America. We are the first new major private passenger intercity railroad in the United States in over a century, and we believe our business represents a scalable model for twenty-first century passenger travel in North America. We currently operate between Miami and West Palm Beach, one of the most heavily traveled and congested regions in the U.S. We have commenced construction of the expansion of our Florida passenger rail system to Orlando, Florida, and we intend to further expand our rail service to Tampa, Florida. Louis Berger estimates the total potential addressable market of travelers across our Miami to Tampa corridor to be approximately 413 million trips annually. “.
Virgin Trains USA was founded in 2013 and has 316 employees. The company is located at 161 NW 6th Street, Suite 900, Miami, FL 33136, US and can be reached via phone at (305) 521-4800 or on the web at http://www.virgintrainsusa.com.
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