Aeroméxico Plans Dual IPO to Raise Up to $314 Million
Aeroméxico is seeking to raise up to USD314.4 million through a dual initial public offering on the New York Stock Exchange and the Mexican Stock Exchange, along with a private placement to PAR Capital. The airline outlined the plan in a filing with the US Securities and Exchange Commission on October 17, 2025. Notably, Delta Air Lines will not sell any of its shares and may become Aeroméxico’s largest shareholder following the offering.
The airline and its current shareholders aim to sell a combined 144.7 million shares. In the United States, Aeroméxico will offer 117.2 million shares in the form of 11.7 million American Depositary Shares, each representing ten shares listed in Mexico. Of these, 73.9 million will be newly issued shares, while the remaining 43.3 million will come from existing shareholders. The ADS will trade on the NYSE under the ticker symbol AERO.
In Mexico, the offering will include 7 million newly issued shares and 20.4 million shares sold by existing shareholders. The company expects the ADS to be priced between USD18 and USD20 each, valuing the total issuance at between USD260.5 million and USD289.4 million. An additional USD25 million will be raised through a private share placement with PAR Capital. Underwriters will also have the option to sell up to 21.7 million additional shares in case of oversubscription.
Post-offering, Apollo Global Management’s stake is set to decrease, potentially making Delta Air Lines Aeroméxico’s largest shareholder. The airline plans to use proceeds for fleet growth, customer experience improvements, and maintenance obligations, following its 2022 delisting during Chapter 11 restructuring.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com