Proactiveinvestors USA & Canada Trainline https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Trainline RSS feed en Thu, 18 Jul 2019 01:41:56 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - HSS Hire valued at £365mln; DFS next onto IPO conveyor ]]> https://www.proactiveinvestors.com/companies/news/65533/-hss-hire-valued-at-365mln-dfs-next-onto-ipo-conveyor-76514.html Tool hire group HSS has confirmed it will raise over £100mln in new money when it floats on the London stock market.

The construction and DIY equipment renter and retailer, which has 265 branches across the UK, will sell the shares in a price range between 210p to 262p.

Earlier reports had suggested the group might have an enterprise value (debt plus equity) of up to £600mln and the £365mln market value at the mid-point of the price range is right in line with those estimates. 

After the decision of online ticket group thetrainline.com to sell to a private equity firm today, HSS will be the first significant listing in London in 2015.

It said it expects to raise £103mln gross in new money to cut its £200mln debt. The prospectus is issued today.

Meanwhile, furniture giant DFS is said to be lining up a £1bn float following strong trading throughout 2014.

DFS is the UK’s second largest furniture retailer behind IKEA and owned by Advent International, which bought the group from Lord Kirkham in 2010. It is also said to be looking to raise more than £100mln in new money.

Hargreaves Lansdown is being lined up to co-ordinate the retail portion of the float according to today's reports.

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Thu, 22 Jan 2015 12:30:00 -0500 https://www.proactiveinvestors.com/companies/news/65533/-hss-hire-valued-at-365mln-dfs-next-onto-ipo-conveyor-76514.html
<![CDATA[News - HSS Hire valued at £365mln; DFS next onto IPO conveyor ]]> https://www.proactiveinvestors.com/companies/news/65532/hss-hire-valued-at-365mln-dfs-next-onto-ipo-conveyor-76513.html Tool hire group HSS has confirmed it will raise over £100mln in new money when it floats on the London stock market.

The construction and DIY equipment renter and retailer, which has 265 branches across the UK, will sell the shares in a price range between 210p to 262p.

Earlier reports had suggested the group might be worth up to £600mln, but the mid-point of today’s range values it at £365 mln.

After the decision of online ticket group Trainline to sell to a private equity firm today, HSS will be the first significant listing in London in 2015.

It said it expects to raise £103mln gross in new money to cut its £200mln debt. The prospectus is issued today.

Meanwhile, furniture giant DFS is said to be lining up a £1bn float following strong trading throughout 2014.

DFS is the UK’s second largest furniture retailer behind IKEA and owned by Advent International, which bought the group from Lord Kirkham in 2010. It is also said to be looking to raise more than £100mln in new money.

Hargreaves Lansdown is being lined up to co-ordinate the retail portion of the float according to today's reports.

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Thu, 22 Jan 2015 12:05:00 -0500 https://www.proactiveinvestors.com/companies/news/65532/hss-hire-valued-at-365mln-dfs-next-onto-ipo-conveyor-76513.html
<![CDATA[News - Trainline's float hits the buffers as KKR moves in ]]> https://www.proactiveinvestors.com/companies/news/65525/trainlines-float-hits-the-buffers-as-kkr-moves-in-76506.html Plans for Trainline.com to float on the London stock exchange hit the buffers as US private equity firm KKR decided the company was just the ticket.

KKR has bought the company from venture capital firm Exponent, which only two weeks ago announced plans to float the firm in London.

Trainline is the UK’s leading online platform for the purchase of railway tickets, and it offers the most downloaded travel app in the UK.

Dominic Murphy, head of KKR operations in the United Kingdom commented: “The investment in Trainline adds to our track record of partnering with entrepreneurs and management teams to build global companies and industry leaders. Similar to our Alliance Boots investment, we will support a strong investment programme leading to a further transformation and strong international expansion of the company.”

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Thu, 22 Jan 2015 10:41:00 -0500 https://www.proactiveinvestors.com/companies/news/65525/trainlines-float-hits-the-buffers-as-kkr-moves-in-76506.html
<![CDATA[News - Biotech business and tool hire firm join Trainline on the IPO track ]]> https://www.proactiveinvestors.com/companies/news/65190/biotech-business-and-tool-hire-firm-join-trainline-on-the-ipo-track-76121.html Tool hirer HSS Hire Group and biotech business Redx Pharma are the latest firms to roll out their IPO plans.

Last week Trainline.com, the online train ticket retailer, started the 2015 IPO ball rolling when it unveiled its London flotation.

In a statement today, Liverpool-based drug developer Redx Pharma said it plans to raise £20mln when it floats on AIM in February.

Set up in 2010, the firm focuses on developing new treatments for cancer and infectious diseases by improving existing drugs to create best-in-class treatments.

Based at the former AstraZeneca site at Alderley Park, Cheshire, it already has a portfolio of 13 patent-protected drug programmes.

Already at the pre-clinical proof of concept stage are treatments for MRSA, bone tumours, skin, brain and blood cancers.

The biotech business has secured partnerships with AstraZeneca, the NHS and French laboratory Pierre Fabre in the past 18 months.

The money raised will help develop the pipeline of oncology and infectious disease assets and launch a third therapeutic subsidiary focused on immunology.

“We believe that Redx is now at the forefront of research into small molecule tumour immunology and cancer stem cells, as well as the critical threat of antimicrobial resistant infection,” said Neil Murray, chief executive.

The listing would value the firm in the region of £60-£80mln, reports today suggested. Dealing in the shares on the junior market is expected to start next month.

Meanwhile, UK tool and equipment renter HSS Hire hopes to raise more than £100mln through floating a quarter of its shares. In a statement today, the firm said it will use the proceeds to reduce its £200mln debt.

HSS, which claims to be the second-biggest supplier of hired tool and equipment in Britain, operates from 265 locations and has about 2,900 staff. The listing could give the firm a value close to £600mln.

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Mon, 12 Jan 2015 11:33:00 -0500 https://www.proactiveinvestors.com/companies/news/65190/biotech-business-and-tool-hire-firm-join-trainline-on-the-ipo-track-76121.html
<![CDATA[News - Trainline plans £500mln stock market float ]]> https://www.proactiveinvestors.com/companies/news/65110/trainline-plans-500mln-stock-market-float-76032.html Trainline, which sells tickets online and over the phone for the main train operating companies, has announced it is planning a £500mln float on the London Stock Exchange.

If that valuation is achieved, then it represents a significant return for the firm’s private equity backers, Exponent, Harbourvest Partners and Northwestern Mutual Life Assurance, which bought the business for £163mln in 2006.

Trainline said it plans to raise £75mln via the listing, which will be used to redeem certain debts, settle bank costs and pay a dividend to preference shareholders.

Last year, ticket sales were £978mln – and while the firm only keeps a small proportion of that, gross profits were almost £62mln, giving operating profits before exceptional items of £34mln. The business, which was set up in 1999, generates free cash flow of £35.6mln.

Chief executive Clare Gilmartin said: "We are witnessing continued strong growth in rail and, having experienced first-hand the transformative effect of online and mobile in other e-commerce markets, I am hugely excited by the opportunity that the fast-developing online rail market offers.

“Trainline is the clear leader in the online rail ticket market in the United Kingdom and we believe that we are therefore well positioned to capitalise on mobile and e-ticketing, which are changing the way consumers plan and purchase travel. In addition, we are seeking to leverage our considerable experience in the UK market to grow our presence in Europe.”

Market commentators reckoned the announcement of the listing revealed there was still some confidence in the potential of the equity markets despite some fairly dicey leaves on the line.

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Thu, 08 Jan 2015 08:55:00 -0500 https://www.proactiveinvestors.com/companies/news/65110/trainline-plans-500mln-stock-market-float-76032.html