Virgin Trains USA stops plans for IPO

A Brightline train departs from MiamiCentral station for the train's first day of service to West Palm Beach, Fl., Saturday, May 19, 2018, in Miami. Brightline is a privately funded rail service owned by Florida East Coast Industries. (Associated Press)

ORLANDO, Fla. – The company that is building a passenger rail service from South Florida to Orlando is stopping its plan to go public.

Virgin Trains USA said this week it wouldn't go through with an initial public offering.

[RELATED: Passenger rail company connecting South Florida to Orlando launching IPOBrightline to become Virgin Trains USA]

Senior Vice President Ben Porritt says in a statement that alternative financing sources have become available that will allow the company to stay private and keep its growth strategies.

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.

Brightline partnered last year with Richard Branson's Virgin Group. Brightline took the Virgin name, and Virgin took a minority interest in the company.