5 things to watch in Virgin America's $320M IPO

Virgin America Inc,'s highly anticipated initial public offering could raise as much as $320 million for the Burlingame-based passenger carrier.

Here are five things that stand out in the company's S-1 filings as it heads to the NASDAQ market this week under the trading symbol "VA":

King Richard of Virgin

Flamboyant Sir Richard Branson, whose Virgin brand is associated with other airlines, a music label and more, is the face out front of Virgin America, even if he's not involved in day-to-day management.

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Branson's VX Holdings LP owns 24.8 percent of Virgin America, and Branson stands to make out from the IPO. VX Holdings and hedge fund Cyrus Holdings plan to sell about $52.1 million of common stock to another hedge fund, PAR Investment Partners LP, at 96 percent of the IPO price. That assumes that the IPO price doesn't creep beyond $24 per share.

No matter his equity stake, Branson and his goatee are nearly synonymous with Virgin America.

In a Securities and Exchange Commission filing, the airline noted that "any adverse publicity in relation to the Virgin brand name or its principals, particularly Sir Richard Branson who is closely associated with the brand, or in relation to another Virgin-branded company over which we have no control or influence, could have a material adverse effect on our business."

Well-timed takeoff

Revenues are rising, fuel costs have fallen — a perfect time for a low-cost airline to sell itself to Wall Street. Virgin America's fuel costs have fallen nearly 6 percent since 2012, roughly in line with the decreases at other airlines.

Ron covers biotech, higher education & sports business.