19th Sep 2019 19:08
(Alliance News) - KKR Victoria Aggregator LP and other shareholders on Thursday announced their intention to sell 65.6 million shares in Trainline PLC, equivalent to a 13.6% stake in the travel ticket platform.
KKR - acting by general partner KKR Victoria Aggregator GP Limited - and selling partners including "funds managed by Index Ventures, Ares, Alven Capital" will sell their shares to institutional investors.
JP Morgan Securities PLC and KKR Capital Market Ltd are to act as joint bookrunners.
KKR GP currently holes 119.3 million Trainline share, equivalent to a 25% stake. The other shareholders own 11.7 million shares, 2.4% of Trainline's issued share capital. Each seller is to sell half of its Trainline shares.
The price per placing share is to be determined using an accelerated bookbuilding process, with the bookbuild starting immediately. Trainline will receive no proceeds from the sale.
It was noted that: "To permit the Placing, JP Morgan Cazenove and Morgan Stanley have waived the 180 day lock-up arrangement put in place at the time of the Trainline IPO. Any of the ordinary shares in Trainline held by the Sellers which are not sold in the placing will remain subject to the original IPO lock-up."
Shares in Trainline closed down 0.6% at 467.00 pence in London on Thursday.
Related Shares:
Trainline