Virgin Australia is back on the ASX after a five-year absence, marking the biggest IPO so far this year. Once grounded by the pandemic, the airline is now making money again and flying under new leadership.

Virgin Australia will return to the Australian Securities Exchange 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.

Fund managers rushed into the airline’s stock in a major win for Bain Capital, which has worked on turning around the business for five years.