Virgin Australia has made a significant return to the Australian Stock Exchange (ASX) after previously being delisted and going into administration in 2020. Chief Executive Dave Emerson proudly rang the bell at the ASX today, signalling the airline’s biggest initial public offering (IPO) of the year. The comeback follows a $3.5 billion acquisition by private equity firm Bain Capital. Earlier this year, Qatar Airways also acquired a 25 per cent stake in the company.
In today’s IPO, 30 per cent of Virgin Australia was floated on the stock exchange, allowing the public to invest in the airline. The move is a notable milestone, and to celebrate, Virgin Australia announced a sale on popular flight routes. Fares for one-way tickets include $49 from Sydney to Ballina, $89 from Melbourne to the Gold Coast, and $219 from Brisbane to Perth. Additionally, flights from Sydney to Fiji are priced at $595, while those from the Gold Coast to Bali are available for $489.
Virgin’s return comes at a time when rival Qantas has been performing strongly on the ASX, with its shares surging by 70 per cent over the past year. Following the excitement of the IPO, Virgin Australia’s share price increased from $2.90 to $3.13.
This development marks a significant moment for Virgin Australia, promising a new chapter as it re-enters the open market while offering enticing travel deals to attract customers.