Private Jet Firm Vista Explores $1 Billion Europe IPO
(Bloomberg) — Vista Global Holding Ltd. is considering a European initial public offering that could raise more than $1 billion, people with knowledge of the matter said.
The United Arab Emirates-based private aviation group, which operates services under the VistaJet and XO brands, is working with Bank of America Corp., UBS Group AG and UniCredit SpA on the potential IPO, according to the people. Vista could be valued at more than $10 billion in the listing, which may take place next year, they said.
It has been considering potential listing venues including Milan and Zurich, the people said, asking not to be identified because the information is private. Deliberations are ongoing and details such as size and timing may change, they said.
A Vista spokesperson in an email said that the company had engaged a group of advisers and was assessing options, “including a potential European listing.”
Spokespeople for Bank of America, UBS and UniCredit declined to comment.
Founded by Thomas Flohr in 2004, VistaJet operates a subscription-based model through which members can book flights on its fleet of private aircraft, and travel from 30 minutes to 17 hours non-stop, its website shows. Memberships are available for both business and private travel.
A consortium led by private equity firm RRJ Capital agreed to invest $600 million in Vista last year, joining existing backers including Rhone Group. The deal involved convertible preference shares that become ordinary stock upon a Vista listing.
Leona Qi, president of VistaJet US, told Bloomberg Businessweek this month that demand for private jets is growing. She said that customers increasingly view this mode of travel as a management tool for “productivity and mobility” and less as a luxury flex.
More: Private-jet firm Vista Bullish on Asia Business (Video)
–With assistance from Vinicy Chan.
(Updates with comment from Vista in fourth paragraph.)
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