Virgin Australia’s Velocity programme could be set for IPO
A major backer of Virgin Australia’s loyalty programme wants to sell its stake which could lead to a public listing.
Affinity Equity Partners is seeking ‘various exit options’ for its 35% stake which it bought in 2014 for A$336 million.
Velocity has 9.1 million members which have doubled since Affinity Equity Partners invested in the business.
Virgin said it plans to remain a majority investor in Velocity, which has been the top performer of all Virgin Australia’s business units.
Virgin said in a statement to the stock exchange there has been no time scale set for Affinity Equity Partners’ exit from the business.
The airline has a first option on the stake or could seek another investment partner.
However, Australian media are reporting an IPO is the more likely scenario, and discussions over the terms and timing of a public listing have been ongoing for some time.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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