Latest news with #JunBeiLiu
ABC News
6 days ago
- Automotive
- ABC News
JB HiFi high sales numbers due to discounts, says Jun Bei Liu
Co-founder and lead portfolio manager at Ten Cap, Jun Bei Liu, says JB HiFi's positive full-year results show its sales would have been lower if not for discounts, promotions, and the Nintendo Switch 2. She also discusses Car Group's financial results.
The Star
24-06-2025
- Business
- The Star
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. The stock began trading at A$3.14, outpacing a 1.2% gain in the Australian benchmark S&P/ASX200. Virgin's listing comes amid operational disruptions, with the airline diverting two Qatar-bound flights to India and Oman, according to flight tracking website FlightRadar24. Qatar temporarily closed its airspace ahead of Iran launching missiles at a US base in the state. Virgin did not immediately respond to a request for comment from Reuters. Shares of Qantas, the main rival to Virgin Australia, climbed 4% yesterday following a 7% drop in global oil prices the previous day, after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Virgin disclosed in an exchange filing that it has hedged 98% of its anticipated fuel usage in Brent crude oil at a cap of US$70 per barrel for the first half of 2026. It has hedged 86% of its anticipated fuel usage at the same price in the second half. 'Four years ago, with the help of Bain Capital, we set out to transform Virgin into a simpler, more focused company with a clear view on how we are going to serve our customers and how we are going to win in the Australian domestic market,' Dave Emerson, Virgin Australia chief executive, said at a listing ceremony in Sydney. Virgin, which is Australia's second-largest airline by market share after Qantas Airways, was delisted in 2020 after private equity giant Bain Capital rescued it from administration. Bain, which bought Virgin for A$3.5bil including liabilities, will see its stake reduced to 39.4% from about 70%, while Qatar Airways, which recently bought into the airline, will retain 23%, the IPO prospectus showed. The IPO attracted strong demand, with institutional investors lodging indicative orders surpassing the offering size during bookbuilding, according to a term sheet reviewed by Reuters. The shares being priced at an almost 30% discount to those of Qantas were an incentive to buy, fund managers said. Virgin has a domestic flight market share of 34.4% as of March versus Qantas' 37.5%, a report from the Australian Competition and Consumer Commission showed. 'From our perspective, the IPO pricing offered an attractive discount to Qantas, allowing room for shareholders to benefit from Virgin's operational improvement targets and structural tailwinds like the rise of premium ticket demand,' said Jun Bei Liu, founder of Ten Cap, which is a Virgin cornerstone investor. 'Virgin's domestic focus and hedged fuel position provide resilience amid geopolitical and commodity market risks.' Virgin pared back its international business under Bain's ownership. It has resumed long-haul flights to Doha through a lease agreement with state-owned Qatar Airways. — Reuters
CNBC
24-06-2025
- Business
- CNBC
Virgin Australia shares soar 8.3% in $439 million IPO debut
Virgin Australia shares rallied 8.3% on Tuesday, after its 685 million Australian dollar ($439 million) initial public offering, a transaction dealmakers hope will revive a subdued listings market. The airline sold 236.2 million shares at AU$2.90 each, valuing it at AU$2.32 billion on a fully diluted basis. The stock began trading at AU$3.14, outpacing a 1.2% gain in the Australian benchmark S&P/ASX200. Virgin's listing comes amid operational disruptions, with the airline diverting two Qatar-bound flights to India and Oman, according to flight tracking website FlightRadar24. Qatar temporarily closed its airspace ahead of Iran launching missiles at a U.S. base in the state. Virgin did not immediately respond to a request for comment from Reuters. Shares of Qantas, the main rival to Virgin Australia, climbed 4% on Tuesday following a 7% drop in global oil prices the previous day, after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Virgin disclosed in an exchange filing that it has hedged 98% of its anticipated fuel usage in Brent crude oil at a cap of $70 per barrel for the first half of 2026. It has hedged 86% of its anticipated fuel usage at the same price in the second half. "Four years ago, with the help of Bain Capital, we set out to transform Virgin into a simpler, more focused company with a clear view on how are we going to serve our customers and how are we going to win in the Australian domestic market," Dave Emerson, Virgin Australia chief executive, said at a listing ceremony in Sydney. Virgin, which is Australia's second-largest airline by market share after Qantas Airways, was delisted in 2020 after private equity giant Bain Capital rescued it from administration. Bain, which bought Virgin for AU$3.5 billion including liabilities, will see its stake reduced to 39.4% from about 70%, while Qatar Airways, which recently bought into the airline, will retain 23%, the IPO prospectus showed. The IPO attracted strong demand, with institutional investors lodging indicative orders surpassing the offering size during book building, according to a term sheet reviewed by Reuters. The shares being priced at an almost 30% discount to those of Qantas were an incentive to buy, fund managers said. Virgin has a domestic flight market share of 34.4% as of March versus Qantas' 37.5%, a report from the Australian Competition and Consumer Commission showed. "From our perspective, the IPO pricing offered an attractive discount to Qantas, allowing room for shareholders to benefit from Virgin's operational improvement targets and structural tailwinds like the rise of premium ticket demand," said Jun Bei Liu, founder of Ten Cap which is a Virgin cornerstone investor. "Virgin's domestic focus and hedged fuel position provide resilience amid geopolitical and commodity market risks." Virgin pared back its international business under Bain's ownership. It has resumed long-haul flights to Doha through a lease agreement with state-owned Qatar Airways.
New Straits Times
24-06-2025
- Business
- New Straits Times
Virgin Australia shares soar 8.3pct in US$439 million IPO debut
SYDNEY: Virgin Australia shares rallied 8.3 per cent on Tuesday, after its A$685 million (US$439 million) initial public offering, 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$2.32 billion on a fully diluted basis. The stock began trading at A$3.14, outpacing a 1.2 per cent gain in the Australian benchmark S&P/ASX200. Virgin's listing comes amid operational disruptions, with the airline diverting two Qatar-bound flights to India and Oman, according to flight tracking website FlightRadar24. Qatar temporarily closed its airspace ahead of Iran launching missiles at a US base in the state. Virgin did not immediately respond to a request for comment from Reuters. Shares of Qantas, the main rival to Virgin Australia, climbed four per cent on Tuesday following a seven per cent drop in global oil prices the previous day, after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Virgin disclosed in an exchange filing that it has hedged 98 per cent of its anticipated fuel usage in Brent crude oil at a cap of US$70 per barrel for the first half of 2026. It has hedged 86 per cent of its anticipated fuel usage at the same price in the second half. "Four years ago, with the help of Bain Capital, we set out to transform Virgin into a simpler, more focused company with a clear view on how are we going to serve our customers and how are we going to win in the Australian domestic market," Dave Emerson, Virgin Australia chief executive, said at a listing ceremony in Sydney. Virgin, which is Australia's second-largest airline by market share after Qantas Airways, was delisted in 2020 after private equity giant Bain Capital rescued it from administration. Bain, which bought Virgin for A$3.5 billion including liabilities, will see its stake reduced to 39.4 per cent from about 70 per cent, while Qatar Airways, which recently bought into the airline, will retain 23 per cent, the IPO prospectus showed. The IPO attracted strong demand, with institutional investors lodging indicative orders surpassing the offering size during bookbuilding, according to a term sheet reviewed by Reuters. The shares being priced at an almost 30 per cent discount to those of Qantas were an incentive to buy, fund managers said. Virgin has a domestic flight market share of 34.4 per cent as of March versus Qantas' 37.5 per cent, a report from the Australian Competition and Consumer Commission showed. "From our perspective, the IPO pricing offered an attractive discount to Qantas, allowing room for shareholders to benefit from Virgin's operational improvement targets and structural tailwinds like the rise of premium ticket demand," said Jun Bei Liu, founder of Ten Cap which is a Virgin cornerstone investor. "Virgin's domestic focus and hedged fuel position provide resilience amid geopolitical and commodity market risks." Virgin pared back its international business under Bain's ownership. It has resumed long-haul flights to Doha through a lease agreement with state-owned Qatar Airways.
Yahoo
23-06-2025
- Business
- Yahoo
Virgin Australia shares set to debut after $439 million IPO
By Scott Murdoch SYDNEY (Reuters) -Virgin Australia will return to the Australian Securities Exchange on Tuesday after raising A$685 million ($439 million) in an initial public offering, a transaction dealmakers hope will revive a flat-lining listings market. Australia's second-largest airline by market share after Qantas Airways was delisted in 2020 after private equity giant Bain Capital rescued it from administration. The airline sold 236.2 million shares at A$2.90 each, valuing it at A$2.32 billion on a fully diluted basis. Bain, which bought Virgin for A$3.5 billion including liabilities, will see its stake reduced to 39.4% from about 70%, while Qatar Airways, which recently bought into the airline, will retain 23%, the IPO prospectus showed. The IPO attracted strong demand with institutional investors lodging indicative orders worth more than the deal when bookbuilding begun, showed a term sheet seen by Reuters. The shares being priced at an almost 30% discount to those of Qantas was an incentive to buy, fund managers said. Virgin has a domestic flight market share of 34.4% as of March versus Qantas' 37.5%, showed a report from the Australian Competition and Consumer Commission. "From our perspective, the IPO pricing offered an attractive discount to Qantas, allowing room for shareholders to benefit from Virgin's operational improvement targets and structural tailwinds like the rise of premium ticket demand," said Jun Bei Liu, founder of Ten Cap which is a Virgin cornerstone investor. "Virgin's domestic focus and hedged fuel position provide resilience amid geopolitical and commodity market risks." Virgin pared back its international business under Bain's ownership. It has resumed long-haul flights to Doha through a lease agreement with state-owned Qatar. The IPO is set to deliver a fee windfall for investment banks Goldman Sachs, UBS and Barrenjoey with 2% of proceeds paid to underwriters, the prospectus showed. There is an option for a further 1% incentive fee to be paid. IPO volume in Australia has flat-lined over the past few years with only one listing so far in 2025 worth $6.4 million, down from $319 million worth of listings by the same time last year, LSEG data showed. "A successful Virgin debut will help revive Australia's subdued IPO market," Liu said. "Fresh equity supply, particularly from well-supported, high-profile listings, is vital for a healthy capital market." Retirement resort group GemLife is due to start trading on July 3 after raising A$750 million in its IPO this month. ($1 = 1.5596 Australian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
