Virgin Australia eyes $1b re-listing in November, source claims

Virgin Australia is looking for a public listing of $1 billion on the ASX in November, a direct source told Reuters.
Virgin’s owner, Bain Capital, said in January that it was looking to re-list the airline after purchasing it for $3.5b in 2020 after the airline went into voluntary administration.
The anonymous source said that while the timeline of the the deal has wavered, Bain is looking for a transaction in November. The final stake that the private equity firm is looking to sell is not confirmed, but could be between 30 and 40 per cent, the source claimed.
A public listing could give Virgin Australia an overall valuation of between $2.5b and $3b, but the final valuation will be decided after further briefings with potential investors, Reuters reported.
The source said that Bain and its advisors will continue meeting with potential investors until the end of July.
On 10 May, Virgin Australia chairman Ryan Cotton sent a note to staff saying the business was in “good shape” and planning for the IPO was “well advanced.”
“While there is still no date set and our ultimate window of opportunity will depend on market conditions, we are hopeful this process will progress over the coming quarters,” Cotton had said.
Bain Capital told Travel Weekly that it has no official comment on the re-listing.
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