A few weeks ago Financial Times published an article on Edreams. According to anonymous sources close to the company, it looks like edreams is preparing an IPO in the near future.
If successful, it would be a good boost for the majority shareholder, TA Associates, a PE company that recently have not have much luck with the IPOs of its European projects.
The interesting part here is the expected valuation of 500 million €, more than a triple of the purchase valuation (153 million €). If TA really achieves this valuation, it will be good news for all the companies of the sector, because it will serve as an important benchmark for any future transaction. It will also be a great deal for TA Associates, because even by VC / PE standards, such an early exit at such a high valuation is a big success. Yet, even if the final price is somewhat lower, edreams' IPO will surely become an important milestone for all online travel agencies in Spain.
The article leaves many questions without answers. How does the intended valuation relates to the current (2007)revenue/profit numbers? What is the percentage of the company TA plans to release on the stock exchange? Will they go public in Spain or in some NASDAQ-like tech market?
Stay tuned.
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