Virgin Australia hires Goldman Sachs, UBS, Barrenjoey for market debut

Bain Capital has appointed lead managers for a potential initial public offering (IPO) of Virgin Australia, a source with direct knowledge of the matter said, setting the stage for the country's biggest listing since 2021. Goldman Sachs, UBS and Barrenjoey received the mandate from the US private equity group that owns Australia's second-biggest airline, said the source, who was not authorised to speak publicly. Bain said in January it would explore re-listing Virgin, which it bought for A$3.5b ($2.45b) including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. Bain, Virgin and the banks declined to comment on the IPO appointments. The exact size of the listing is yet to be determined, but local media reported it could reach A$1b, making it the largest share sale in Australia since investment firm GQG Partners raised A$1.18b in October 2021. There were just $614.2m of IPOs in Australia in 2022, down nearly 93% from $8.4b a year earlier, Refinitiv data showed.<br/>