(Reuters) - Grupo Aeroméxico SAB de CV recorded a 29% jump in revenue for 2023, the Mexican airline disclosed in its paperwork for an initial public offering in the United States on Monday, more than two years after it exited bankruptcy proceedings.
The company is among many that have flocked towards U.S. bourses in recent months as they seek to tap into the broader pool of capital and richer valuations that American markets offer.
The Mexico City-based carrier plans to offer American Depositary Shares under the symbol AERO with underwriters Barclays, Morgan Stanley, JPMorgan, Evercore ISI and Apollo Global Securities, according to a late Monday filing.
The company has yet to propose any financial terms for the IPO with an estimated price range, number of shares to be offered and dollar proceeds.
Mexico City-based Aeroméxico said it's "uniquely positioned" as the only full-service carrier based in Mexico and the only airline offering long-haul, widebody service connecting every major city in Mexico and 43 international cities in 22 countries.
Although the COVID-19 pandemic derailed its business and forced it into bankruptcy in 2020, Aeroméxico rang up operating income of $716 million on revenue of $4.9 billion in 2023. It reported $203 million in operating income in 2023 on revenue of $3.8 billion.
The company has yet to propose any financial terms for the IPO with an estimated price range, number of shares to be offered and dollar proceeds.
Mexico City-based Aeroméxico said it's "uniquely positioned" as the only full-service carrier based in Mexico and the only airline offering long-haul, widebody service connecting every major city in Mexico and 43 international cities in 22 countries.
Although the COVID-19 pandemic derailed its business and forced it into bankruptcy in 2020, Aeroméxico rang up operating income of $716 million on revenue of $4.9 billion in 2023. It reported $203 million in operating income in 2023 on revenue of $3.8 billion.
Apollo Global Management (APO) currently owns about 22.4% of Aeroméxico's stock - or about 30.5 million shares.
Delta Air Lines Inc. (DAL) owns about 20% of the company - or 27.28 million shares.
Apollo emerged as the largest shareholder in the company after it provided a $1 billion loan to Aeroméxico as part of its debt restructuring in 2022.
About $650 million of the original principal amount was converted into equity.
Andrés Conesa Labastida, who has been chief executive of Aeroméxico since 2005, also holds a Ph.D. in economics from the Massachusetts Institute of Technology.
The company is going public during a relatively strong period for airline stocks.
The U.S. Global Jets ETF JETS is up 10.1% in 2024, compared to a 9.5% gain by the S&P 500 SPX.
Delta Air Lines Inc. (DAL) owns about 20% of the company - or 27.28 million shares.
Apollo emerged as the largest shareholder in the company after it provided a $1 billion loan to Aeroméxico as part of its debt restructuring in 2022.
About $650 million of the original principal amount was converted into equity.
Andrés Conesa Labastida, who has been chief executive of Aeroméxico since 2005, also holds a Ph.D. in economics from the Massachusetts Institute of Technology.
The company is going public during a relatively strong period for airline stocks.
The U.S. Global Jets ETF JETS is up 10.1% in 2024, compared to a 9.5% gain by the S&P 500 SPX.
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