Virgin Australia confirms intention to proceed with Australian IPO in June 2025

Virgin Australia Holdings Limited, the parent company of Virgin Australia, confirmed on June 6, 2025, its intention to proceed with an Initial Public Offering (IPO) and listing of shares on the Australian Securities Exchange (ASX) under the ticker code VGN. A prospectus has been launched by the low-cost airline in support of the announcement and lodged with the Australian Securities and Investments Commission (ASIC) and filed with the ASX.

The IPO is comprised of an offer of AUD236.2 million ($153.5 million) fully paid ordinary shares at an offer price of AUD$2.90 ($1.88) per share, raising A$685 million ($445 million) which will “allow certain existing equity holders the opportunity to realise part of their investment in the company,” said the airline in a statement. It is currently expected that trading of shares on the ASX will commence on June 24, 2025, initially on a conditional and deferred settlement basis.

On completion, investors participating in the offer are expected to hold 30.2% of shares on issue, with the remainder being held by existing investors, which include Bain Capital, Qatar Airways Group, the Virgin Group, and Queensland Investment Corporation. 

Steve Worner / ShutterstockIn advance of the IPO, the airline has also announced a raft of management changes and changes to its board, including the appointment of Peter Warne as its independent, non-executive chairman. Peter, who is a former chair of Macquarie Group Limited, became a non-executive director of Virgin Australia in April 2025. Virgin Australia CEO Dave Emerson has joined the board as managing director, while experienced company director Melinda Conrad has also been appointed as an Independent, non-executive director and chair of the Remuneration, Nomination, People and Culture Committee.

“After making significant progress in Virgin Australia’s transformation and with the backing of leading global airline Qatar Airways Group as a strategic investor, we believe it is now appropriate for the business to transition to a publicly listed company,” said the incoming Virgin Australia chairman, Peter Warne. “This provides an opportunity for new investors to share in the success of Virgin Australia as the airline enters its next phase. I commend all those involved in orchestrating Virgin Australia’s remarkable turnaround and setting the business up for long-term success.”

Virgin Australia’s CEO, Dave Emerson, added, “Virgin Australia is a simple, focused business with a transformed operational and commercial model. We have a clear strategy and an incredible team of people who deliver wonderful flying experiences to our customers every day. We are delivering on our ambition to be Australia’s most loved airline and continuing to expand our award-winning Velocity frequent flyer program.”

BJP7images / ShutterstockVirgin Australia is the country’s second-largest airline group, carrying approximately 20 million passengers annually. Revitalised and rescued from administration under the ownership of Bain Capital in 2021, Virgin Australia is a budget carrier which operates a fleet of more than 100 aircraft on 76 routes to 38 destinations across its domestic and short-haul international airline business.

Forwards with Qatar Airways

In February 2025, Qatar Airways’ long-awaited purchase of a 25% minority stake in Virgin Australia was finally given the green light by the Australian Government’s Foreign Investment Review Board (FIRB). The approval was granted by way of a Federal Treasurer’s announcement made on February 27, 2025, and followed a determination by the Australian Competition and Consumer Commission (ACCC) indicating its intention to permit the investment to go ahead earlier in the month.

Ryan Fletcher / ShutterstockThe investment by Qatar Airways was given once all of the regulatory hurdles had been overcome. The carrier’s owners, Bain Capital, together with Virgin Group and the Queensland Investment Corporation, each retained their current shareholdings in Virgin Australia following the Qatar Airways investment. With the Qatar partnership now fully underway, the two airlines now partner to over 650 destinations globally, and from later June 2025, Virgin Australia will commence its own long-haul international services between Australia and Doha through a wet lease deal with Qatar Airways for Boeing 777-300ERs.

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