Trainline to float on stock market

Trainline has announced its intention to float on the London Stock Exchange.

The train-booking app, which was bought by private equity giant KKR in 2015 for £500 million, is reportedly aiming for a £1.5 billion valuation.

The company reported revenue of £210 million, and net ticket sales rose 19% to £3.2 billion, in the last full year.

Trainline employs more than 600 people across its offices in London, Paris and Edinburgh.

The company said it believes the move will “support Trainline’s growth plans by increasing the group’s public profile and brand awareness”.

It has plenty of opportunity for growth in a fragmented and complex industry where only 39% of rail bookings were online in the five biggest European markets last year, it said.

Trainline plans to make at least 25% of its issued share capital available on the stock exchange.

Chief executive Clare Gilmartin said: “We are the leading independent rail and coach platform globally, selling tickets on behalf of 220 carriers across 45 countries.

“Our aim is simple: to make rail and coach travel easier for millions of people, saving our customers money, time and hassle – and thereby encouraging more environmentally sustainable travel choices.

“I am especially proud of the team and culture we have created at Trainline and excited by the global growth opportunity that lies ahead for the business.”

JPMorgan and Morgan Stanley were hired by the company to lead the share sale.

The stock market float is set to be one of the largest IPOs this year in the UK.