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Virgin Australia's ASX debut marks significant transformation milestone

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Virgin Australia's ASX debut marks significant transformation milestone
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Geoffrey Thomas Editor-In-Chief - US Bureau Chief | Airline Ratings

Virgin Australia Holdings Limited has commenced trading on the Australian Securities Exchange (ASX) under the ticker code VGN. The listing is part of a A$685 million Initial Public Offering (IPO), representing 30.2% of the company's shares, with the remaining shares held by its pre-existing ownership group. This group includes Bain Capital, Qatar Airways Group, Virgin Group, and Queensland Investment Corporation. Shares were priced at A$2.90 each, valuing the company at approximately A$2.3 billion.

The IPO saw strong interest from both domestic and international investors during its offer period.

Peter Warne, Chair of Virgin Australia, commented on this development: “Today marks the beginning of an exciting new chapter for Virgin Australia as a publicly listed company,” he said. “Our listing reflects the remarkable work undertaken over the past five years to transform the airline and position it for long-term success."

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Dave Emerson, CEO of Virgin Australia, also expressed optimism: “Virgin Australia is entering its next phase with a clear strategy... We are proud of how far we have come and energised by the opportunities ahead as we continue to realise our ambition of being Australia’s most loved airline.”

As part of acknowledging their employees' contributions to this milestone, eligible team members will receive a Take-Off Grant valued at A$3,000 in share rights. These will convert to ordinary shares after a 24-month vesting period if they remain employed by Virgin Australia.

Virgin Australia operates more than 100 aircraft across 76 domestic and short-haul international routes and is supported by Velocity Frequent Flyer program. It recently began long-haul services between Australia and Doha through a wet-lease arrangement with Qatar Airways.

Currently, Virgin Australia's shares are trading on a conditional and deferred settlement basis; normal settlement trading is anticipated to start on June 26, 2025.

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