Brightline fast-travel rail service is finally coming to downtown Miami
Virgin Trains USA is hitting the road.
The company, formerly Brightline, will begin its “roadshow” as it aims to raise money from investors. On Wednesday, it announced it planned to float 28,334,000 shares, with an additional four million for underwriters, once it begins trading on the NASDAQ later this year.
It is hoping to price the shares between $17 and $19 per share. So the intention is to raise more than half a billion dollars.
Earlier this month, the company reported a 5 percent ridership increase from November to December excluding holiday-related promotions, with unadjusted December revenues up 47 percent from November. For all of 2018, the company said it provided more than 579,000 rides.
The company has announced plans to extend its Florida line all the way to Tampa, with at least one stop in Orlando, possibly near a theme park. Currently, it runs between Miami and West Palm Beach with a stop also in Fort Lauderdale.
The Brightline trains have had trouble on the tracks since their debut, with several people hit and killed. January saw two more fatal accidents involving the fast-speed rail train, though it was not immediately clear who was at fault.