Vista Global Explores European IPO That Could Raise Over $1 Billion and Value Firm at $10 Billion

Vista Global Holding Ltd., the United Arab Emirates-based private aviation group operating under the VistaJet and XO brands, is considering a European initial public offering that could raise more than $1 billion and value the company at more than $10 billion, according to people with knowledge of the matter. The company is working with Bank of America, UBS Group and UniCredit on the potential listing, which may take place next year, with Milan and Zurich under consideration as venues.

The people said deliberations are ongoing and that details such as size and timing may change, speaking on condition of anonymity because the information is private. Representatives for Vista, Bank of America, UBS and UniCredit declined to comment.

VistaJet was founded by Thomas Flohr in 2004 and operates a subscription-based model through which members book flights on its fleet of private aircraft for journeys ranging from 30 minutes to 17 hours non-stop. Last year, a consortium led by private equity firm RRJ Capital agreed to invest $600 million in Vista, joining existing backers including Rhone Group, in a deal involving convertible preference shares that would 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, with customers increasingly viewing private aviation as a management tool for productivity and mobility rather than a luxury.

A subscription operator seeking a public listing at a multi-billion-dollar valuation places private aviation alongside other capital-intensive transport businesses that fund growth through public equity rather than relying solely on private backers. It also tests whether investors will price a fleet-and-membership model the way they price airlines or asset-heavy leasing businesses, since VistaJet's revenue comes from subscription commitments rather than one-off charter bookings.

The RRJ Capital-led convertible preference structure shows how private equity has already positioned itself to convert into listed shares if and when an IPO happens, a mechanism increasingly used by growth-stage aviation companies to align private and public capital without forcing an immediate valuation call. That structure means existing backers have a direct financial stake in the listing actually proceeding at a favorable valuation.

Whether the offering happens next year, and at what size, will depend on market conditions and the bank-led process now underway with Bank of America, UBS and UniCredit. The choice between Milan and Zurich as a listing venue, and any change in the more than $1 billion raise or more than $10 billion valuation figures, are the next concrete signals to watch.