Virgin Australia Holdings Pty Limited is eyeing May as the most likely date for an initial public offering after tumultuous equity market conditions meant it had to rule out a float this calendar year. Australia's second largest airline has enjoyed a stellar recovery, posting its first full-year profit in a decade just three years after collapsing during the pandemic and being snapped up by US private equity giant Bain Capital. There had been some speculation that Bain would sell shares in the airline in the first quarter of calendar 2024 but bankers involved said May was the target month, depending on equity market conditions.