The boards of the ASX welcomed back a familiar code yesterday. From midday, Virgin Australia (VGN) re-debuted on the market after being IPO'd all over again. So, how'd they do on the first day of school?

In short? Virgin took off all over again.

VGN made a strong return to the ASX, with investors welcoming its relisting after nearly five years off the tickers.

The airline, which collapsed into administration in 2020 before being rescued by Bain Capital, returned to the market on Tuesday with an offer price of $2.90 per share, raising $685 million in the process.

The debut was met with enthusiasm from investors. Shares opened at $3.14 — up 8.3% on the IPO price — and closed at $3.23, delivering an 11.4% gain on day one. The strong first-day performance easily outpaced the broader market, with the ASX 200 rising 1.2% on the day.

The IPO attracted strong institutional interest, with names like Argo Investments and Perpetual among key backers. Retail investors made up less than 10% of the offering — a deliberate move after previous public share offerings in the airline sector left small investors exposed when markets soured.

Bain Capital remains Virgin’s largest shareholder post-listing, with its stake reduced from 70% to around 39.4%, while Qatar Airways retained its 23% holding.

Virgin’s successful relisting is being seen as a positive sign for the broader Australian IPO market, which has seen limited activity in recent years. With renewed investor appetite and a robust market backdrop, its strong debut may open the door for more companies considering a return to the ASX boards.