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Thomas Flohr built VistaJet from a three-aircraft operation in Salzburg into a global private aviation brand that now carries ultra-wealthy clients to destinations in 96% of the world's countries. More than two decades in, the Swiss billionaire may be contemplating his most significant financial move yet.
VistaJet is working with bankers to explore a potential initial public offering this year, sources familiar with the matter told financial news service 9fin. Company executives raised the prospect during a recent earnings call with lenders, and bond markets wasted no time reacting. The company's 6.375% notes due 2030 climbed roughly seven points from a late-March low near 86, reaching 93.359 on April 9. Its 9.5% notes due 2028 were indicated at 100.76 the same day, more than three points above their recent floor.
The size of the bond move tells a story of its own. One source described a listing as something that would have a significant impact on VistaJet's balance sheet and would amount to a "blessing" of the company's subscription-based model by equity investors. Put plainly: public market validation from investors evaluating the upside, not just the debt.
Flohr, who launched VistaJet in 2004 with a handful of jets and a conviction that private aviation needed a proper luxury brand, holds a controlling stake in the company. Rhone Group and Singapore-based RRJ Capital hold minority positions. Neither VistaJet nor Rhone responded to requests for comment.
None of this is entirely new territory. IPO speculation surfaced in 2021 and circulated again in 2025, and neither round produced a listing. As recently as early 2025, Flohr told Dubai Eye radio that going public was "not in the plan," saying he was comfortable with the existing ownership structure as long as the business kept growing. The financial picture has shifted considerably since then.
In February 2026, VistaJet raised fresh debt through Bank of America, pricing a $215 million add-on to its existing $700 million term loan due 2031, last indicated at 99.4. That came on the heels of two landmark 2025 deals: a $600 million equity investment led by RRJ Capital, which closed in late March 2025, and a $700 million term loan closed in April of the same year. The combined $1.3 billion raise was used largely to retire costlier existing debt and ease pressure on a balance sheet that carried roughly $4 billion in net debt at the end of 2024.
The underlying business has held up through all of it. VistaJet runs on a subscription model, charging members upfront annual fees for guaranteed access to its fleet rather than selling fractional aircraft ownership. The company reported earnings before interest, taxes, depreciation and amortization of $810 million in 2024, alongside 20% membership growth and annual revenue of roughly $3 billion. Its fleet numbers about 360 aircraft.
Whether Flohr pulls the trigger on a listing this year depends on market conditions and the pace of banker discussions. But a successful IPO would do more than strengthen the balance sheet. It would force public markets to take a position on whether the model he spent two decades building is worth owning a piece of.
