Virgin Australia shares surge 8.3% on trading debut

SYDNEY: Virgin Australia shares opened 8.3% higher 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.

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

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The stock began trading at A$3.14, outpacing a 1.2% gain in the Australian benchmark S&P/ASX200.