Bain’s Virgin Australia Rises 11% in Sydney After Relisting

Bain Capital’s Virgin Australia rose in Sydney trading after raising A$685 million ($444 million) in one of the country’s biggest initial public offerings of the year.

The stock climbed 11% to close at A$3.22 on Tuesday. The relisting — the company was publicly traded before collapsing in the early days of the Covid pandemic — is the biggest airline IPO in the Asia Pacific region in a decade, and was Australia’s biggest IPO of the year until resorts developer GemLife Communities Group’s A$750 million deal, according to data compiled by Bloomberg.