June 4 (Reuters) - Bain Capital-owned Virgin Australia

is looking to raise A$685 million ($442.78 million)

in an initial public offering, according to a term sheet seen by

Reuters on Wednesday.

The company has set the offer price at A$2.90 per share and

the offer size reflects 30% of Virgin's total issued capital.

Bain Capital did not immediately respond to a Reuters

request for comment.

($1 = 1.5470 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)