Virgin Atlantic Airways, the flagship airline founded by British billionaire Sir Richard Branson, may float its shares on the London Stock Exchange later this year amid expectations for transatlantic air travel recovery and pent-up demand.
The airline is in discussions about making its debut public listing with institutional investors, who have had a "positive" reaction to management presentations led by airline executives, and an announcement of its intentions to go public is likely in the autumn, Sky News reported on Saturday, citing sources.
Bankers at Citi and Barclays have been hired to oversee the listing, Sky News said.
Virgin Atlantic is majority-owned by Sir Richard's Virgin Group, which holds a 51 per cent stake in the airline. The potential IPO would be the first time since the airline was established in 1984 that it has sold shares to the public - and Mr Branson is likely to relinquish overall control of the company, according to Sky News.
The Covid-19 pandemic decimated demand for air travel, particularly for long-haul trips, a segment that is expected to be the slowest to recover. Virgin Atlantic has been among the worst-hit carriers, mainly because of its dependence on the lucrative UK-US flights that have been subject to restrictions aimed at curbing the spread of the virus.
A Virgin Atlantic spokesperson could not be immediately reached for comment outside of normal business hours.
Virgin Atlantic executives, including Mr Branson, are said to back the idea of a listing to provide additional future opportunities to raise money during the post-Covid recovery period and beyond, Sky News said.
A presentation to London City investors in the past few days is said to focus on Virgin Atlantic's strong positioning to take advantage of pent-up demand for international travel, the UK-based news outlet reported.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
MATCH INFO
Uefa Champions League, last-16, second leg (first-leg scores in brackets):
PSG (2) v Manchester United (0)
Midnight (Thursday), BeIN Sports
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Scoreline:
Manchester City 1
Jesus 4'
Brighton 0
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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