Virgin Trains, the privately owned and operated passenger rail formerly known as Brightline, has decided to remain private and will not issue stock in its initial public offering, the company announced Monday.
"As we explored a public offering, a number of alternative financing sources became available that allow us to keep the company private and meet our growth strategies," said Ben Porritt, senior vice president of Virgin Trains.
No further details were cited.
The announcement comes after the company previously explored offering a common stock to the public estimated to be worth in excess of $500 million. When the announcement was made in January, the company was offering to sell more than 32.5 million shares of stock at $17 to $19 per share, which could've raised up to $619 million in capital.
Virgin Trains, which changed its name to Brightline in November, currently runs a passenger train between Miami, Fort Lauderdale and West Palm Beach. It plans to expand north to Orlando early this year.
In the first nine months of 2018, Virgin Trains generated $5.23 million worth of revenue, with a net loss of $87.1 million, per an SEC filing, which included tens of millions of dollars paid out for salaries, maintenance expenses and administrative work.
It also lost $44.7 million in 2017 and $25 million in 2016.
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