Virgin Australia has returned to the ASX with a $685 million IPO, while Greatland completed its dual listing following a $490 million raise.
The ASX welcomed two new companies to the bourse on Tuesday, reversing an IPO dry spell that plagued the exchange for the first half of the year.
Virgin Australia rejoined the ASX after raising $685 million in one of the largest domestic IPOs of 2025.
The Bain Capital-backed airline sold 236.2 million shares at $2.90 each, valuing the business at $2.32 billion on a fully diluted basis.
The offering attracted strong institutional interest, with bids exceeding available stock before bookbuilding closed.
The listing marks a significant milestone for Virgin, which collapsed into voluntary administration in 2020 with nearly $7 billion in debt.
It also represents the biggest airline IPO in the Asia-Pacific region in a decade, and was the largest in Australia this year until GemLife surpassed it with a $750 million offering.
Bain Capital, which acquired the airline for $700 million during the pandemic, reduced its holding from 70 per cent to about 40 per cent.
Qatar Airways, however, has retained its 23 per cent stake, while Virgin Group now holds a minority interest through a brand licensing agreement.
Joining Virgin on the ASX this morning was gold- and copper-focused Greatland Resources.
Helmed by managing director Shaun Day, Greatland operates the Telfer gold mine and is developing the Haverion precious and base metals complex in WA.
The resources stock, which is already listed on London’s AIM exchange, targeted a dual listing to reflect its Pilbara portfolio.
Greatland raised $50 million in primary IPO proceeds but added another $440 million to its bank balance after a sell-down by mining giant Newmont.
It issued 7.5 million shares at $6.6 apiece, and another 2.1 million at the same price in a UK-centric retail offer.
Both of Tuesday’s floats mark a key test for Australia’s IPO market, which has been subdued in recent years.
Just six other listings had taken place prior to Virgin’s return, although June has been a surprisingly active month for ASX debuts.
Most recently, West African gold stock Robex Resources and bauxite developer VBX Resources hit the boards, indicating the tides may be turning on a once dormant market.
Virgin will trade under the ticker VGN, while Greatland Resources will adopt the code GGP.
Investment banks Goldman Sachs, UBS, and Barrenjoey, which managed Virgin’s float, stand to collect up to 3 per cent of proceeds in fees.
Greatland Resources’ ASX debut was also managed by Barrenjoey, together with advisers from Cannacord Genuity, Merrill Lynch Equities Australia (also known as BofA Securities), and co-managers from Argonaut and Sternship Advisers.
