Virgin Money and Virgin America IPOs: Richard Branson is about to get even richer
After more than a month of to-and-froing, Virgin Money, the UK challenger bank, announced today that it will fully list on the London Stock Exchange on Tuesday, with shares priced at 283p.
That price is right at the bottom of the range mooted by the company, and values it at a relatively conservative $1.25bn.
At the same time across the pond, airline Virgin America filed its IPO documents with the Securities and Exchange Commission, showing it plans to raise $320m (£203m)
Based on the flotation if we don't exercise the over allotment…. without the overall allotment he'd make $70m. Based on selling 40.5-50% of his shares.
Both Virgin Investment Group and W Ross, both selling 15% of their shares – so both would raise roughly £70m. That's assuming they don't sell the overallotment that we could sell. if that is sold, it would be a roughly another £15m each. Branson owns Virgin Financial Investments ltd.
Previously, both VFI held 46.5% and WR owned 44.9%. That was pre-this flotation. He'll make the cash through VFI, 14.5 per cent to 15 per cent of their holding. Will