Bain Capital is preparing to float Virgin Australia in a long-awaited IPO, targeting a June listing that could mark the private equity firm’s exit from one of its most high-profile turnarounds in the Asia-Pacific region.

This marks Bain’s third attempt to take the airline public since acquiring it for $2.5bn in 2020. Bain previously shelved listings in 2022 and 2023 due to market volatility and operational disruptions, including personal tragedy within senior leadership.

Now, with pre-float roadshows underway in Sydney, Melbourne, and Singapore, Bain is seeking to reignite investor interest. The process is being led by Virgin Australia chair Ryan Cotton and incoming CEO Dave Emerson, both of whom are Bain veterans with aviation expertise.

Virgin has filed documents to transition from a private to public company, a key procedural step not taken during the earlier listing efforts. Bain is expected to file formal float documentation by May in preparation for a possible June sale of its 70% stake.

The renewed push follows a series of positive developments. Virgin posted a 320% profit surge to $545m in FY 2023–24, driven in part by a $278m windfall from cancelled flight credits. It also completed a $1bn partnership deal with Qatar Airways, granting the Middle Eastern carrier a 25% stake and long-haul access to four Australian cities.

Since the acquisition, Bain has recapitalised the airline, cut debt, and modernised its fleet. Last year alone, it extracted $348m in dividends, bringing total returns from Virgin to over $1bn.

Despite ongoing market volatility, Bain is betting that investor appetite for aviation and turnaround stories will support a successful exit — and finally bring one of Australia’s most iconic carriers back to the public market.