Grupo Aeroméxico is preparing its return to the Stock Market, but it will be in the United States, where the company requested to carry out an initial public offering of shares (IPO).
This Monday, the United States Securities and Exchange Commission reported that Mexico’s flag carrier plans to list on the New York Stock Exchange under the symbol “AERO”, with Barclays Capital, Morgan Stanley, JP Morgan Securities and Evercore Group as the main subscribers of the operation.
Aeroméxico thus joins other firms that have gone to the US stock exchanges in recent months, to take advantage of the broader pool of capital and the higher valuations that that market offers.
Why did Aeroméxico leave the Mexican Stock Exchange?
Aeromexico’s return to the stock market comes more than two years after the conclusion of a process through which it filed for Chapter 11 of the Bankruptcy Law in the United States.
The company resorted to this measure in June 2020 when it then had a debt of two billion dollars and was affected by the drop in travel demand caused by the pandemic.
Subsequently, at the end of 2022, Aeroméxico announced its exit from the Mexican Stock Exchange (BMV) as part of its restructuring process.
Now, the company wants to list again after the results obtained last year, when its revenues totaled $4.92 billion, 29.1 percent more than in 2022, as travel demand recovered from the recession caused due to the pandemic.
The company said its existing shareholders will sell American Depositary Shares in the IPO, but did not disclose the size or price range of the offering.
The airline’s shareholders include private equity firm Apollo Management, Delta Air Lines and investment firm Silver Point Capital, among others.
With information from Reuters.
2024-05-14 01:28:05
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