Virgin America and Virgin Money IPOs: Richard Branson got almost 10 per cent richer this week
The last couple of weeks have been a rollercoaster ride of emotions for Richard Branson. This time two weeks ago, the eccentric billionaire was mourning another setback in his Virgin Galactic project. This week, his fortune increased by nearly 10 per cent, after two of his businesses entered the public markets just days apart.
First up was Virgin Money, the UK challenger bank, which started conditional trading on Thursday and will fully list on Tuesday, with shares priced at 283p, valuing the bank at £1.25bn.
Branson's Virgin Group sold roughly 15 per cent of the 46.5 per cent stake it owned, adding £70m to his fortune. If an over-allotment option is exercised, he'll make another £15m.
Next was US airline Virgin America, which markets itself as the "hip" way to fly internally in the US. The airline listed on Nasdaq with