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Virgin Australia, owned by Bain Capital, is seeking to raise A$685 million (US$442.78 million) through an initial public offering (IPO), according to a term sheet reviewed by Reuters. The airline, Australia's second largest after Qantas, has priced the offer at A$2.90 per share, representing 30% of its total issued capital and valuing the company at A$2.32 billion on a fully diluted basis.
The IPO will see the sale of 236.2 million shares, with Virgin’s enterprise value pegged at A$3.6 billion, factoring in net debt of A$1.31 billion. Following the IPO, Bain Capital’s stake will reduce from 70% to 39.4%, while Qatar Airways will maintain its 23% shareholding.
The institutional bookbuild is scheduled to close on Thursday, and Virgin’s shares are expected to begin trading on the Australian Securities Exchange (ASX) on June 24. The IPO is being conducted through a front-end bookbuilding process, meaning investor bids are collected before regulatory approval of the prospectus.
Virgin’s listing has been anticipated for over two years but was delayed due to financial market instability in 2023. Bain Capital acquired Virgin Australia for A$3.5 billion, including liabilities, after the airline entered voluntary administration in 2020 amid the COVID-19 pandemic.
With Australia’s benchmark S&P/ASX200 index up 3.77% in 2025, investor sentiment is showing signs of resilience. The IPO is seen as a strategic move to capitalize on the aviation industry's recovery and renewed investor appetite for airline stocks.
This offering marks a significant milestone in Virgin Australia’s turnaround since its pandemic-era collapse and could signal renewed confidence in Australia’s post-COVID travel sector.
