THE PRIVATE-equity owners of the online travel agency Odigeo, which in turn owns the travel group Opodo, are working on plans to float the business sometime this year.
London will be competing with Madrid to host the flotation, with some suggesting Madrid is favourite given that the management team of eDreams, a principle part of the group, resides in the Spanish capital.
City A.M. understands that JP Morgan and Deutsche Bank are advising on the plans.
Odigeo is owned by Permira Advisers and Ardian, the private equity firm formerly known as AXA Private Equity. Sources last night said that everybody on the deal was being “flexible and open-minded” on which jurisdiction it was headed for.
London would be keen to host the float since it would be a boost to the City’s claim to be able to host large share issues for online, technology groups. Although the London Stock Exchange has introduced a high growth segment for these firms, it is still waiting for takers.
Equally, Madrid would be keen to show that it as a financial market is emerging from the dark shadow of the economic downturn.
Just before the end of last year Milan hosted the flotation of the luxury skiwear group Moncler, which proved to be many times oversubscribed.