Virgin Atlantic delays IPO plan until early 2022 -source

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LONDON, Sep 30 (Businesshala) – Virgin Atlantic, the British airline founded by billionaire Richard Branson, has delayed its plans to list until early 2022 to focus on reopening the transatlantic market, a person familiar with the situation said. said.

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The United States has said it will allow travelers from Britain and dozens of other countries to be fully vaccinated in November, fully reopening Virgin Atlantic’s core market for the first time in 18 months.

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Virgin was considering a float this autumn according to reports in August, but will now wait until next year so that it can focus on and benefit from a wider restart of travel between the UK and the US, the person said. .

There was a 600% increase in bookings on the day the US announced the rule change, Virgin said on September 21.

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The airline, which is 51% owned by Branson through its Virgin Group while the US conglomerate owns Delta Air Lines Inc. (DAL.N), declined to comment on its IPO plans.

Most airlines have struggled financially during the pandemic, but the prolonged shutdown of US routes has deepened the crisis for long-haul specialist Virgin. It was saved due to a 1.5 billion pounds hedge between September 2020 and March 2021.

In addition to the IPO, Virgin was also considering other funding options, the person said.

Reporting by Sarah Young, Editing by Paul Sandle

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