Aeroméxico Begins Trading on NYSE and BMV, Raises $179 Million
Grupo Aeroméxico, parent company of Aeroméxico (AM, México City International), has resumed trading on both the New York Stock Exchange (NYSE) and the Mexican Stock Exchange (Bolsa Mexicana de Valores – BMV), generating approximately USD 179 million from the primary component of its initial public offering (IPO).
The relisting marks Aeroméxico’s return to the market three years after its shares were suspended during Chapter 11 bankruptcy proceedings. In Mexico, the airline listed 27.4 million shares at MXN 35.34 (USD 1.90) per share, while in the United States, it offered 11.7 million American Depositary Shares (ADS) at USD 19 each, representing ten Aeroméxico shares per ADS. Trading began on November 6 under the ticker “AERO.”
Additionally, Aeroméxico PAR Investment Partners made a private investment of USD 25 million, purchasing shares at USD 1,805 each. Combined proceeds from the public and private offerings are expected to reach USD 178.8 million before deductions. However, when accounting for both market listings and PAR’s investment, the total could exceed USD 300 million, according to ch-aviation. Aeroméxico stated that the funds will support general corporate purposes, including fleet growth, customer experience upgrades, and maintenance programs.
Before the IPO, Apollo Management Holdings, via AP Aguila Holdings, owned 22.4% of Aeroméxico, while Delta Air Lines held 20% and other shareholders the remaining 57.6%. Delta will retain its stake despite recent U.S.-Mexico tensions that led the U.S. Department of Transportation to order both carriers to dissolve their joint venture by year-end.
Apollo, which provided USD 1 billion in debtor-in-possession financing during Aeroméxico’s restructuring, remains a key financial partner. According to ch-aviation, Aeroméxico’s current fleet includes 34 Boeing 737-800s, 45 Boeing 737-8s, 29 Boeing 737-9s, eight Boeing 787-8s, 14 Boeing 787-9s, and 35 Embraer E190s operated by Aeroméxico Connect.
Related News: https://airguide.info/category/air-travel-business/airline-finance/
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com