Australian low-cost carrier Virgin Blue will lodge a prospectus with the Australian Securities and Investments Commission by 10 November, for its initial public offer of shares. Shareholder Patrick Corp says the offer will involve new shares to raise A$400 million ($280 million), while fellow owner Virgin Group will sell part of its shareholding. Patrick intends to retain a shareholding of no less than 45%. Virgin Blue expects to make a profit of A$150 million for the year to 31 March 2004.

Source: Flight International