Failure to launch: "Brazilian JetBlue" Azul withdraws US IPO again

Azul, Brazil's third largest airline founded by JetBlue founder David Neeleman, withdrew its plans for an initial public offering on Wednesday.

The company refiled in December 2014 for an IPO of preferred shares on the NYSE that we estimate could have raised $500 million. It originally filed in May 2013 but withdrew in July 2014.

The São Paulo, Brazil-based company was founded in 2008 and booked $2.3 billion in sales for the 12 months ended September 30, 2014. It had not selected a ticker. Morgan Stanley, Itau BBA, Goldman Sachs, Santander, Banco do Brasil Securities LLC, Raymond James, Pine and Deutsche Bank were set to be the joint bookrunners on the deal.