The new CEO of Virgin Australia (VA, Brisbane International) has begun a series of investor meetings to advertise the airline's impending IPO which, according to a bullish timeline, could be held as soon as mid-2025.
Dave Emerson, who replaced Jayne Hrdlicka as CEO this month, was in Sydney kicking off a non-deal roadshow with potential investors on April 1. First reported in the Australian Financial Review newspaper, Emerson told them a capital raising could occur as soon as May, paving the way for a June return to the Australian Stock Exchange.
Virgin Australia delisted in 2020 after filing for voluntary administration. The airline was later sold to Bain Capital, who restructured and recapitalised it. Virgin Australia is now profitable. Bain has already made back more than its initial investment.
Most recently, Australian authorities have okayed a proposal to sell a 25% stake in Virgin Australia to Qatar Airways (QR, Doha Hamad International) for a reported AUD750 million Australian dollars (USD470 million). After that, Bain retains a 68% stake in the carrier and has previously said it plans to maintain a shareholding after any IPO. Other shareholders include Virgin Group (5%) and the Queensland Investment Corporation (2%).
Bain Capital previously toyed with listing the airline in 2023, conducting a series of investor roadshows. It ultimately abandoned those plans. However, the groundwork it and Virgin Australia did then is expected to expedite any IPO this year. Following the Sydney meetings, Emerson is due to head to Melbourne for more investor meetings and Singapore later this month to meet with Asia-based investors.
As an unlisted company, Virgin Australia is not obliged to disclose its financial results publicly. However, Hrdlicka recently told employees that the airline recorded an underlying AUD439 million (USD275 million) profit before interest and tax in the six months to December 31, 2025. It was the carrier's best result in its 24 years of operations.
