Virgin Australia is edging closer to a potential initial public offering (IPO), with its management team commencing a series of investor meetings aimed at laying the groundwork for a future listing.
The meetings serve as an informal introduction to newly appointed chief executive officer Dave Emerson and mark the airline’s renewed engagement with the investment community. Emerson, formerly chief commercial officer, succeeded Jayne Hrdlicka earlier this month following her resignation.
Will Virfin list in 2025?
While no formal IPO process has been launched, market expectations are rising that Virgin will seek to list in 2025, following an aborted attempt in 2023 due to unfavourable market conditions. The airline has enlisted Barrenjoey, Goldman Sachs and UBS to advise on the prospective float.
A revised structure, flagged last year, suggested a public offer with around A$1.97 billion in borrowings and a potential valuation close to A$3 billion. That valuation was effectively supported by Virgin's recent strategic transaction with Qatar Airways, which acquired a 25% stake for approximately A$750 million — a deal that received regulatory approval in early 2025.
The timing may prove favourable. Shares in rival Qantas have surged more than 75% over the past year to A$9.16, supported by improving aviation market dynamics and the collapse of competitor Rex Airlines.
Virgin Australia remains the nation’s second-largest carrier, operating 66 domestic routes, serving 19 million passengers annually and employing 7,000 staff. Its loyalty program — Australia’s third largest — has 11 million members, 80 partnerships and was generating approximately A$400 million in annual revenue as of 2023.