Branson’s Virgin Atlantic slows IPO to focus on US restart

Virgin Atlantic Airways has slowed plans for an initial public offering, opting to rebuild its business as travel curbs ease before making the case to investors in 2022, according to a person familiar with the plans. The surprise lifting of a US ban on European visitors last week is likely to spur demand, restoring vital North Atlantic passenger flows starting in November, said the person, who asked not to be named discussing private funding matters. Other options for boosting cash reserves remain under consideration, the person said. Virgin Atlantic, controlled by founder Richard Branson, was weighing a London listing as soon as this autumn, Bloomberg reported in August citing a person familiar with the matter. The delay could strengthen the British carrier’s hand in pricing a share sale. Airlines have cautiously begun to add flights between the U.S. and Europe, but Asia isn’t likely to open up to outsiders until early next year. The long-distance flights that Virgin Atlantic specializes in have lagged shorter routes in recovering from the travel slump triggered by the coronavirus pandemic early last year. A spokeswoman for Virgin Atlantic declined to comment. The airline is now working on plans to ramp up the schedule to the US.<br/>