Soon, investors could get a piece of Virgin Trains, formerly known as Brightline, the high-speed passenger rail company that wants to shuttle people from Miami to Orlando by way of the Treasure Coast.
The company filed with the Securities and Exchange Commission Wednesday, registering its plans for an initial public offering of more than 28.3 million shares of common stock. The IPO price is expected to be between $17 and $19 per share. Another 4.25 million shares will be reserved for underwriters at the same price. Underwriters will have a 30-day option to purchase the reserved shares, according to the SEC filing.
When launched, the stock will be under the ticker symbol “VTUS.”
If Virgin Trains were to sell all its IPO shares for the maximum $19/share amount, the company would gain more than $618 million – a fraction of what the company expects the Miami-to-Orlando project to cost.
The parent company, formerly known as All Aboard Florida, has previously received $1.15 billion in tax-free bonds, courtesy the U.S. Department of Transportation. The company is also waiting to hear about its application for a $1.6 billion loan.
To review the SEC filing, click HERE.