Bravofly, known in Italy for the Volagratis.com website, is listed on the Stock Exchange. The Swiss group with Italian management, on the rise in the online travel agency sector, has announced the public offer of sale and will offer more than 2 million new shares. More than three million existing shares offered by current shareholders.
In relation to the issued share capital post IPO, the number of shares offered will be equal to a minimum of 35,9% (before the exercise of the over-allotment option and taking for granted the price in the higher part of the range), up to a maximum of 40,8% (after full exercise of the over-allotment option and taking the price in the lower part of the range as new).
Bravofly's IPO consists of a public offering to investors in Switzerland and to private investments in certain jurisdictions outside Switzerland and the United States.
The bookbuilding process started on April 2nd and should end on April 15th. The announcement of the final offer price and the definitive number of shares should arrive on April 16, the day of listing and the start of trading.
The joint global coordinators and bookrunners of the transaction are Credit Suisse, Morgan Stanley and UBS. Mediobanca was also present, with the role of Joint Bookrunner in relation to the public sale offer.
Bravofly's goal is to broaden the range of its products, expand into other markets and invest in the mobile and meta-search sector. The company does not exclude possible synergies and acquisitions to grow in the market.
“The IPO is the culmination of a transformation process that began ten years ago – comments Fabio Cannavale, president of the group – We started as a pioneer as a search engine in the Italian market and have become one of the most important online travel agencies in Europe ”. “The success of Bravofly – continues Cannavale – will be driven by the European market of the sector, which will have double-digit growth this year and next year”.
“In Europe – adds Francesco Signoretti, CEO of the company – the distribution of travel products has historically been dominated by traditional agencies. Over the past 10 years, the Internet has revolutionized the sales channels of the industry. More and more consumers have turned to online, which offers the possibility of comparing prices in real time. In the wake of these developments, Bravofly has invested significant resources to exploit the trend and intends to continue to be at the forefront in the future”.
Bravofly Rumbo Group is an online travel agency that manages a series of web platforms and apps that allow you to compare prices and book flights, hotels, vacation packages, cruises and rental cars. To date, the group's sites are present in 35 countries, speak 14 languages and offer services to over 4 million travelers a year. The main markets are those of Italy, Spain and France, but Bravofly is strengthening itself in Germany, Eastern Europe and Scandinavia and is expanding into Asia and South America. In addition to Bravofly, Rumbo and Volagratis, the group owns the brands Jetcosts, Crocierissime, Viaggiare and Viajar.
