Virgin Australia completed capital return plans for IPO. In an internal email on Wednesday, Chairman Ryan Cotton said that Virgin Australia’s IPO is “well advanced” and that shareholders and employees will get bonuses following a profit.
Cotton claimed Australia’s second-largest airline was days from a capital return.
According to an unnamed source, Bain Capital-led investors would split A$730 million ($495.16 million).
The source said Bain Capital would take 90%, Virgin Group 5%, and the remainder to the remaining owners.
Virgin Australia verified the internal email. A Bain Capital spokeswoman denied comment.
Reuters reported that the airline requested A$450 million in capital return loans in March.
As Virgin Australia, the main domestic rival to Qantas Airways Ltd (QAN.AX), prepares for one of the year’s largest listings, personnel and shareholders are rewarded.
“I can also confirm the IPO planning is well advanced,” Cotton told colleagues in an email from Reuters.
“While there is still no date set and our ultimate window of opportunity will depend on market conditions, we are hopeful this process will progress over the coming quarters,” he said.
After her husband died of illness, Virgin Australia CEO Jayne Hrdlicka said on Monday that she would take several weeks off to spend time with family.
Cotton’s pre-departure email claimed the rewards to personnel and shareholders represented the “monumental feat” of bringing the airline to profitability after more than a decade.
After voluntary administration, Bain Capital purchased Virgin Australia in 2020.
