Switzerland-based online travel group Bravofly Rumbo has confirmed the price range for its initial public offering in Zurich with trading slated for 16 April.
A statement from the company sets the shares at between $45 and $59 each (40 to 52 CHF) with the potential to raise up to $340 million.
This means a market capitalisation of between $675 million and $938 million, unless an over-allotment option (depending on demand) is exercised.
Bravofly Rumbo announced its IPO intention on the SIX Swiss Exchange on 19 March with plans to offer both new and existing shares.
During a conference call at the time, group chief executive Francesco Signoretti described market conditions as perfect.
The group increased revenue by 64% to Euro 123.2 million in 2013 accrediting Rumbo for some of the increase.
Bravofly, which specialises in flights, acquired Spanish OTA Rumbo in November 2012 in a deal valued at around $94 million. Rumbo was previously owned by Amadeus and Telefonica.
At the same time Ardian (formerly AXA Private Equity) invested Euro 20 million in Bravofly to fund the Rumbo acquisition.
A statement from AXA at the time revealed the group (including the acquisition) had reached a global turnover of around Euro 1 billion.
More recently, the group acquired Jetcost adding metasearch capabilities to its portfolio which also includes the Viajar and Viaggiare brands.
Proceeds from the IPO are to fund further acquisitions and expand into new markets.
Bravofly Rumbo is not the only online travel group to IPO with Spain's eDreams Odigeo announcing its intention to list on stock exchanges in Madrid, Barcelona, Valencia and Bilbao earlier in March.
Shares are only being made available to institutional investors and a statement at the time said the company was seeking to reduce debt and fund further expansion.
eDreams Odigeo is also backed by Ardian.
