Virgin Australia’s insolvency job will be on full display as the company seeks to woo investors for a multi-billion dollar listing.
It’s expected to be pitched as a leaner, meaner and more focused airline than the Virgin that went under in April 2020, with unprofitable business lines gone, its fleet size reduced and cost base slashed in the powerful administration process.
While the turnaround under Bain Capital’s ownership has been fast and effective, the key to winning investors will be to also show it is sustainable. The float will live and die by Virgin’s financial forecasts and price, and it could be another few months before either is in the market. Wider equity market conditions will also need to be favourable.
Investment banks will pitch for joint lead manager mandates in the coming weeks. Boutique Reunion Capital, which advised Bain on its MYOB float in 2015,If MYOB’s any guide, Bain could appoint a big syndicate of investment banks and retain a controlling stake.
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