Yahoo Finance One of Tesla's biggest investors just committed £200m to this UK tech IPO
The Trainline, one of Britain’s most popular discount rail ticket firms, is valued at £1.68bn ($2.1bn) after the group priced its shares at 350 pence per share on Friday.
The group, which sells train and coach tickets via its website and mobile app, plans to raise £951m through its initial-public-offering (IPO) on the London Stock Exchange, where it will float 56.5% of its business. Trainline shares will start trading at 8am local time today.
One of the world’s largest fund managers Baillie Gifford, which invest in Tesla (TSLA), Amazon (AMZN), Netflix (NFLX), and Facebook (FB), has committed to invest £200m into the IPO.
"We are delighted to be starting life as a public company on the London Stock Exchange. This is an incredibly exciting achievement for all of us at Trainline,” said Clare Gilmartin, CEO of Trainline in a statement.
“We believe we are uniquely positioned to capitalise on the vast opportunity ahead and accelerate our expansion for the benefit of our customers, our train and coach company partners and our shareholders."
READ MORE: Who is Tesla's fourth-largest shareholder Baillie Gifford?
The Trainline was founded two decades ago and has fended off buyout attempts from private equity firms over the last few years, according to a number of media reports.
The group said it plans to use the cash raised from the IPO to raise its profile and expand its e-ticketing service across Europe.
