2 Min Read
(Corrects company name in text and headline, drops brand name to avoid repetition)
MADRID, March 6 (Reuters) - 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 for growth.
"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. ($1=0.7278 Euros) (Reporting By Robert Hetz; Writing by Elisabeth O'Leary; Editing by Greg Mahlich)