LONDON (Reuters) - Trainline's planned share listing on the London Stock Exchange is expected to price at 350 pence per share, the top end of its targeted range, implying a total valuation for the company of up to £1.7 billion, a bookrunner said.
Bookrunners had initially estimated a price range of 318 pence to 360 pence, before tightening it to between 340 pence and 355 pence. Pricing is expected on Friday and books, which were covered throughout the price range on the full deal size by June 13, will close at 1200 GMT.
The British firm, which sells rail and coach tickets via its website and mobile app, is looking to raise £110 million through the issue of new shares. It plans to sell a 25% stake comprising new and existing shares.
The company, owned by private equity firm KKR, said it will use the proceeds of the IPO to raise its profile and tap into the growing demand for e-ticketed travel across Europe.
Political uncertainty around Britain's departure from the European Union sparked market turbulence in the first quarter of the year, with proceeds from European listings falling to a 10-year low of $292 million (£230 million).
With Brexit delayed, things have improved over the past couple of months. Middle Eastern payments companies Finablr and Network International started trading, while telecoms operator Airtel Africa is also considering a stock market flotation in London.
Trainline, a familiar brand to British travellers, is looking to trade on the main market of the London Stock Exchange.
Founded more than 20 years ago, the company sells tickets from 220 rail and coach carriers across 45 European and Asian countries on its website and mobile app, generating net ticket sales of £3.2 billion in the fiscal year 2019.
(Reporting by Clara Denina; Editing by Susan Fenton)
