Virgin Australia Prepares for ASX Return Following Profit Surge

Virgin Australia is set to make a comeback to the Australian Securities Exchange (ASX) after delisting in 2020, according to the Australian Financial Review. The airline, now owned by private equity giant Bain Capital, plans to relist after achieving a turnaround in profitability during fiscal year 2023.

Executives from Australia’s second-largest airline are scheduled to meet with potential investors on Tuesday, highlighting improved financial performance and a streamlined business model. Virgin Australia had entered voluntary administration in 2020 as the COVID-19 pandemic battered the aviation industry, leading to its acquisition by Bain Capital.

Newly appointed CEO Dave Emerson, who took over from Jayne Hrdlicka this month, will begin a non-deal roadshow this week. Emerson is expected to present the airline’s strategic reset and simplified operations to institutional investors and fund managers. Sources familiar with the matter told AFR that the company is positioning itself as a leaner, more efficient carrier, a key selling point for its potential relisting.

Bain Capital has reportedly been considering re-floating Virgin Australia since the company returned to profitability, and the timing now appears favorable. The upcoming investor meetings are seen as a key step in gauging market interest ahead of a possible IPO.

When contacted, Virgin Australia redirected inquiries to Bain Capital, which has yet to comment publicly on the listing plans.

Virgin Australia’s return to the ASX would mark a significant milestone in its post-pandemic recovery and a potential win for Bain Capital, which could seek to capitalize on renewed investor confidence in the aviation sector. The move also signals growing optimism in Australia’s airline industry amid rising travel demand.