(Corrects company name in text and headline, drops brand name
to avoid repetition)
MADRID, March 6 Online travel firm eDreams
Odigeo, the owner of Opodo, is to launch an initial public offer
of shares in Spain, aimed at institutional investors, to pay off
debt and fund its further expansion.
The IPO would be Spain's first since 2011, when shares were
first offered in Bankia.
Odigeo said on Thursday it hoped to raise 50 million euros
($69 million) from the sale of new shares and current owners
would also be selling some of their shares.
Based in Barcelona, the group had revenues of 4.15 billion
euros ($5.7 billion) in the last financial year ended March 2013
and is owned by private equity groups Permira, Ardian and
members of its management team.
Odigeo, which also operates the Travellink and GoVoyages
brands, said it believed that the highly fragmented nature of
the travel market and its complexity meant it had a good basis
"We believe that our scale and strategic advantages position
us well to benefit from certain key trends in the online travel
markets in which we operate" it said in a statement.
JP Morgan and Deutsche Bank have been appointed as global
coordinators for the share offer.
In the nine months to December the company took 7.3 million
bookings and had recurring core earnings of 88.8 million euros.
(Reporting By Robert Hetz; Writing by Elisabeth O'Leary;
Editing by Greg Mahlich)