PE-backed Vista Global weighs €1bn-plus European IPO

Private aviation firm Vista Global Holding, supported by the private equity firm RRJ Capital, is contemplating a European initial public offering that could raise over $1 billion and increase the company's valuation to over $10 billion, according to Bloomberg. The report, based on information from unnamed sources, indicates that the UAE-based business, which manages the VistaJet and XO private aviation brands, is collaborating with Bank of America, UBS, and UniCredit to potentially list on a European exchange.

Milan and Zurich are among the potential markets, with the listing possibly occurring next year. The talks are still in their initial stages, and the final size, valuation, and timing of any transaction are subject to change. Vista has appointed a team of advisers and is evaluating various strategic alternatives, including a possible European listing.

A successful IPO would provide an opportunity for Vista's existing financial backers, such as RRJ Capital and Rhone Group, to realize liquidity. Vista was established by Thomas Flohr in 2004 and follows a subscription-based model for private aviation. The company's VistaJet brand offers members access to a fleet of private aircraft for both corporate and personal travel, ranging from short regional trips to long-haul non-stop flights.

RRJ Capital became a major investor last year when a consortium led by the private equity firm invested $600 million in Vista through convertible preference shares that are expected to convert into ordinary equity upon a public listing, making an IPO a crucial liquidity and value realization option for the investor group.