Is the travel booking company going public this year?
Global travel booking platform Travelport is exploring opportunities for its U.S. IPO, Bloomberg reported, citing people familiar with the matter.
The travel sector has been one of the hardest hit industries during the Covid-19 pandemic. However, the ease of covid restrictions has instilled hope and confidence in the market.
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When Is Travelport goes public?
Sources requesting anonymity told Bloomberg that Travelport plans to enter the US stock market in the second half of 2022. This will be a second IPO for the company.
The Langley-based tech company was taken private in 2019 after it was bought out by Elliot Investment Management and Siris Capital Group. They paid US$15.75 per share, or 1.6% less than its 2014 IPO price, for the buyout.
Travelport made its first public debut in 2014 when it was run by Blackstone, which acquired the company in 2006 for $4.3 billion. Travelport raised $480 million when it went public in 2014. At the time, the company was valued at around $2 billion.
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No further details on the IPO were immediately available. According to Bloomberg sources, no final decision has yet been made regarding the public offering, and it may change its plan.
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The industry has benefited from the rapid deployment of vaccines and the ease of restrictions on international travel. Some of Travelport’s customers include big names in the industry, such as American Airlines Group Inc., Southwest Airlines, Webjet Ltd., and more. The company has $3.8 billion in net debt, a person familiar with the matter said.