Virgin Australia shares soar 8.3% on IPO debut

The IPO attracted strong demand, with institutional investors lodging indicative orders surpassing the offering size during bookbuilding. — Reuters

SYDNEY: Virgin Australia shares rallied 8.3% yesterday, after its A$685mil (US$439mil) initial public offering (IPO), a transaction dealmakers hope will revive a subdued listings market.

The airline sold 236.2 million shares at A$2.90 each, valuing it at A$2.32bil on a fully diluted basis.