Virgin America Files for IPO
Virgin America, the sleek low-cost American airline partly owned by Richard Branson, filed for an initial public offering on Monday after posting its first annual profit.
The airline gave a placeholder fund-raising target of $115 million, a figure meant only to determine filing fees.
Known for its stylishly upholstered aircraft - replete with purple lighting and fancy touchscreen seat displays - Virgin America has tried to be the latest disruptive airline to take flight in the United States.
But it was only last year that the company reported its first annual profit in its decade of existence, earning $10.1 million on $1.4 billion in operating revenue. Still, sales have been climbing since at least 2009.
Though sharing its name with Mr. Branson's Virgin empire, Virgin America counts the British billionaire as only a minority shareholder. Mr. Branson's Virgin Group owns about 22 percent of the company's voting stock, limited in part by American regulations that restrict foreign ownership in domestic airlines to under 25 percent.
Another major shareholder is Cyrus Capital Partners, a hedge fund.
The I.P.O. will be led by Barclays and Deutsche Bank.
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