Virgin Australia Targets Mid-2025 IPO, Eyes ASX Return

Virgin Australia (VA, Brisbane International) is preparing for a potential mid-2025 initial public offering (IPO), with new CEO Dave Emerson launching a non-deal roadshow to attract investor interest. The move marks the airline’s latest step toward returning to the Australian Securities Exchange (ASX) after its 2020 delisting during voluntary administration.

According to the Australian Financial Review, Emerson began meeting potential investors in Sydney on April 1, suggesting a capital raise could happen as early as May, with a possible June listing. Emerson, who succeeded Jayne Hrdlicka as CEO, is expected to continue meetings in Melbourne and Singapore later this month.

Virgin Australia was restructured and recapitalised by Bain Capital after its collapse, and has since returned to profitability. In the six months to December 31, 2025, the airline recorded an underlying AUD439 million (USD275 million) profit before interest and tax—the strongest result in its 24-year history, according to former CEO Hrdlicka.

Bain Capital, which currently holds a 68% stake, has already recouped its investment and may retain a stake post-IPO. Virgin Group and the Queensland Investment Corporation hold 5% and 2% stakes respectively.

The airline’s IPO momentum gained further traction following Australian regulatory approval of Qatar Airways’ plan to acquire a 25% stake in Virgin Australia for AUD750 million (USD470 million). A previous attempt to list in 2023 was postponed, but the groundwork from that effort is expected to accelerate this year’s process as Virgin Australia eyes a return to public markets.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com