After Guzman y Gomez so successfully employed a strategy to feed investors an hors d’oeuvre of shares in its float to keep them hungry for more, the market has turned its attention to Virgin and its perpetually upcoming debut on the stock market.
However, while GYG was marketed as a $2.2 billion float, only $335 million of shares were sold into the IPO and the existing shareholders retained the rest. The constrained supply teamed with decent demand, explaining the blockbuster price. Arguably, it should have hit the IPO go button late last year, but decided the markets were still a bit skittish.
If Qatar wants to take a 20 per cent stake in the airline it won’t necessarily derail any Virgin float. But it will inject a level of difficulty into the process, thanks to Qatar’s fraught relationship with the Albanese government.to reject Qatar’s request for additional landing rights into Australia.
Allowing Qatar to increase flying into the country is one thing but giving it the green light to it become a major shareholder in our second major airline – that’s next level.
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