eDreams ODIGEO, an online travel company has announced the final offer price in its Initial Public Offering. The commencement of trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges is expected to take place on April 8, 2014 under the symbol EDR. The company is backed by Permira and Ardian funds.
eDreams ODIGEO, a leading online travel company, today announces that the final offer price in its Initial Public Offering (the “IPO” or the “Offering”) is €10.25 per offer share. The
commencement of trading on the Madrid, Barcelona, Bilbao and Valencia stock exchanges is expected to take place on April 8, 2014 under the symbol “EDR”.
Javier Pérez-Tenessa de Block, Chairman and CEO of eDreams ODIGEO, said:
“Today’s announcement marks an important milestone and we are delighted that our initial public offering has been so well received by investors. During the past weeks we have received very positive feedback from investors, who recognise the strength of our business and the opportunities for future growth. In just 14 years our company has evolved from a small two person start-up to become the world’s largest online travel company in the flight sector. With the backing of the Permira and Ardian funds, the company has also become the largest publicly traded European e-commerce company by profits. Our competitive prices, ease of use of our websites and preferred consumer brands eDreams, Opodo, Liligo, GoVoyages and Travellink attract 14 million customers to trust us for their travels every year. Becoming a listed company is the beginning of the next stage in our development. I would like to thank the management team and my colleagues who have helped create a foundation for our success. We will now focus oncontinuing to deliver great value for our customers, employees and shareholders.”
Highlights of the Offering
• Offer price fixed at €10.25 per offer share, giving eDreams ODIGEO an initial market capitalisation of approximately €1.1 billion, excluding any treasury shares held by eDreams ODIGEO
• 4,878,049 new shares to be issued by eDreams ODIGEO, raising gross proceeds of approximately €50 million
• 31,829,264 existing shares sold by certain of eDreams ODIGEO’s shareholders, including Luxgoal 3 S.à r.l., and Luxgoal 2 S.à r.l., investment vehicles controlled by the Permira funds; certain funds managed by Ardian France S.A. and its affiliates (“Ardian”); certain Ardian co-investors (the foregoing, the “Principal Selling Shareholders”); as well as certain senior and other management of eDreams ODIGEO (together, the “Selling Shareholders”); the Selling Shareholders are each selling only a portion of their shares in the Company, and eDreams ODIGEO will not receive any of the proceeds from the
sale of shares by the Selling Shareholders
• There is an over-allotment option to purchase additional offer shares of up to 5,506,097 shares, which was granted by certain of the Selling Shareholders to J.P. Morgan Securities plc, on behalf of the Underwriters, exercisable in whole or in part within 30 calendar days from the date the offer shares commence trading on the Spanish Stock Exchanges
• Prior to any exercise of the over-allotment option, the total size of the Offering is equal €376 million, and if the over-allotment option is exercised in full, the total size of the Offering will be approximately €433 million. The free float, representing the proportion of the share capital held by investors that are not subject to a lock-up undertaking in favour of the Joint Global Coordinators or the Company in connection with the Offering, will be 35.9% prior to any exercise of the over-allotment option and 41.1% if the over-allotment option is exercised in full.
• The Principal Selling Shareholders will hold 62.4 million shares after completion of the Offering, prior to any exercise of the over-allotment option, comprising 59.5% of the share capital of eDreams ODIGEO. If the over-allotment option is fully exercised, the Principal Selling Shareholders will hold 57.1 million shares, comprising 54.4% of the share capital of eDreams ODIGEO after completion of the Offering
Commencement of trading on the Spanish Stock Exchanges of the eDreams ODIGEO shares is expected to take place on April 8, 2014, provided that the relevant listing authorisations are obtained from the Luxembourgian and Spanish regulators.
The offer shares are issued under the ISIN LU1048328220. The Company’s shares will trade under the ticker code “EDR”. The offer shares are expected to be delivered through the book-entry facilities of Iberclear against payment of the purchase price to the accounts of purchasers thereof (the “Settlement”), which
expected to occur on April 10, 2014.
As previously announced, we expect to use the gross proceeds from the Offering to us to fund the partial redemption, after May 1, 2014, of a portion of the senior notes due 2019 issued by Geo
Travel Finance S.C.A., a subsidiary of eDreams ODIGEO, to further reduce the eDreams ODIGEO group’s indebtedness and interest expense, and create additional flexibility the eDreams ODIGEO group’s capital structure.
About eDreams ODIGEO
eDreams ODIGEO (the “Company”) is the largest online retailer of flights in the world with a presence in 42 countries. It operates through five trusted consumer brands: eDreams, GO Voyages, Opodo, Travellink and Liligo. We make flight and non-flight products directly available to travellers principally through our online booking channels (desktop websites, mobile websites and mobile apps) and via our call centres, as well as indirectly through white label distribution partners and other travel agencies.
Our business uses a state-of-the-art scalable technology platform to offer consumers tailor-made booking solutions at highly competitive rates. In the nine months ended December 31, 2013, our businesses Revenue Margin1 of €311.9 million and Recurring EBITDA2 of €88.8 million, compared to €268.1 million of Revenue Margin and
In the nine months ended December 31, 2013, our businesses Revenue Margin1 of €311.9 million and Recurring EBITDA2 of €88.8 million, compared to €268.1 million of Revenue Margin and €80.4 million of Recurring EBITDA in the nine months ended December 31, 2012. In the year ended March 31, 2013, our businesses generated Revenue Margin of €373.0 million andRecurring EBITDA of €108.4 million, compared to €319.7 million of Revenue Margin and €95.4million of Recurring EBITDA in the year ended March 31, 2012.
Deutsche Bank and J.P. Morgan have been appointed to act as Joint Global Coordinators for the IPO, and as Joint Bookrunners along with Jefferies. Banco Santander and Société Générale Corporate & Investment Banking have been appointed as Joint Lead Managers (together, the “Underwriters”).