Virgin Australia climbs on market debut

Virgin Australia VGN.AX rises as much as 9.7% to A$3.810 in its ASX debut

VGN raises A$685 million ($439 million) in its initial public offering

Co sold 236.2 million shares at A$2.90 each, valuing it at A$2.32 billion on a fully diluted basis

Virgin, Australia's second-largest airline by market share, was delisted in 2020 after private equity giant Bain Capital rescued it from administration

Bain will see its stake reduced to 39.4% from about 70%, while Qatar Airways, which recently bought into the airline, will retain 23%, according to the IPO prospectus

About 12.9 million shares change hands

Stock last up 8.1% at A$3.14