Passenger rail company Virgin Trains USA launching IPO

Posted at 11:24 AM, Jan 30, 2019
and last updated 2019-01-30 11:24:58-05

ORLANDO, Fla. (AP) — A passenger rail company that is connecting South Florida with Orlando is planning a public offering of common stock.

Virgin Trains USA Inc. said Wednesday it was offering more than 28 million shares of common stock priced at between $17 and $19 a share. The shares will be listed on the Nasdaq market.

The company formerly known as Brightline launched service between Miami, Fort Lauderdale, and West Palm Beach last May. It plans to expand into Orlando and Tampa.

The company also plans to construct a rail system connecting Las Vegas and Southern California.

The company estimates that 6.6 million passengers annually will use the train service between South Florida and Orlando once it is built out, and another 2.9 million passengers annually will use it between Orlando and Tampa.