DALLAS — Virgin Australia (VA) is set to become a public company again as its Initial Public Offering (IPO) on the Australian Securities Exchange (ASX) commences. The offering, listed under the ticker code 'VGN,' marks a significant milestone in the airline's turnaround journey under the leadership of Bain Capital.

IPO Details and Investment Structure

The IPO will comprise 236.2 million ordinary shares at A$2.90 per share, aiming to raise approximately A$685 million (US$455 million). New investors will own 30.2% of the shares once the IPO is completed, with the majority of the shares belonging to Bain Capital, Qatar Airways Group, Virgin Group, and Queensland Investment Corporation.

This action permits current shareholders to realize part of their investment, while opening the airline's improving performance to new investors. Shares are scheduled to begin trading on June 24, initially on a conditional and deferred basis.

Financial advisory and offering management have been undertaken by Reunion Capital Partners, with Goldman Sachs, UBS, and Barrenjoey as Joint Lead Managers.

Expansion, Partnerships, Leadership

With a fleet of over 100 planes operating to 38 destinations on 76 routes, VA carries approximately 20 million passengers annually. Its international presence is enhanced by international alliances, such as a new long-haul partnership with Qatar Airways, which will introduce direct flights from Australia to Doha.

Its award-winning Velocity frequent flyer program, with almost 13 million members, also underpins its revenue streams and passenger participation.

To guide this new era, VA has reconfigured its board. The Independent Chairman is to be filled by Peter Warne, the former Chair of the Macquarie Group. Managing Director, CEO Dave Emerson, joins the board, along with newly appointed directors Melinda Conrad and Pippa Downes, in a key committee function.

Chairman Peter Warne emphasized the importance of timing: "This IPO is a natural next step, with solid investors and a clear growth strategy behind it."

With its heightened emphasis on customer experience and strategic growth, VA is set for sustainable long-term growth in Australia's highly competitive aviation market.