Bain Capital delays Virgin IPO plans, Bloomberg reports
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More news: Virgin Australia owner Bain Capital has pushed back plans for the airline's IPO into 2024, Bloomberg reports, citing unnamed sources. The private equity giant will monitor market conditions next year to make a decision on the timing of the potential listing, the report said. Bain appointed Goldman Sachs, UBS and Barrenjoey Capital Partners as lead managers earlier this year and had been targeting a November listing.
Virgin clears $129m in return to profit ahead of IPO
The news: Virgin Australia has posted its first profit in more than a decade as its multi-year transformation plan starts to reap rewards.
The numbers: Virgin posted a full-year net profit after tax of $129 million. It reported underlying earnings before interest and tax (EBIT) of $439 million after lifting group revenue more than 124% year on year to $5 billion.
The context: Virgin's transformation has been under way since shortly after private equity giant Bain Capital bought it out of administration during the COVID-19 pandemic for $3.5 billion. In January, Bain announced intentions to publicly list the airline, with an IPO expected later this year.
What they said: "By creating a systemically lower cost base and a conservative balance sheet as well as investing heavily in technology and our frontline, we are well positioned for the future," Virgin chief executive Jayne Hrdlicka said in a statement.
The sources: Virgin Australia Media Release, Bloomberg
