|Sabre back on the boards but IPO price less than hoped.|
Monday, 5th May 2014
Source : Martin Kelly
The owners of Sabre Corp have raised less than expected in an IPO that values it at USD Billion, well down on the USD5 Billion investment funds TPG and Silver Lake paid for the travel technology and distribution company six years ago when they took it private.1
Sabre Corp sold 39.2 million shares at $16 ($18-$20 had been touted) late last week, raising USD627 million, and is now listed on the Nasdaq stock exchange.
Rick Simonson, Sabre's chief financial officer, told VentureBeat that the company will use net proceeds from the IPO to pay down some its $3 Billion in debt.