UK transport booking app Trainline PLC (LON:TRN) had a solid start to trading in London with its shares steaming ahead of the offer price.
The company, which sells tickets from 220 rail and coach carriers across 45 European and Asian countries on its website and mobile app, was trading at 418p per share shortly after the market opened.
Trainline priced its initial public offering price at 350p, which was at the top end of its target range, valuing the company at £1.68bn.
READ: Trainline plans to raise £75mln through London IPO
It is floating 56.5% of the business, raising £951mln from the sale of existing shares and £110mln from the issue of new shares.
Fund managers Billie Gifford have agreed to invest £200mln in the IPO.
Trainline said it would use the proceeds of the listing to raise its profile and expand the business.
"We believe we are uniquely positioned to capitalise on the vast opportunity ahead and accelerate our expansion for the benefit of our customers, our train and coach company partners and our shareholders,” said chief executive Clare Gilmartin.