Azul, Brazil's third-largest airline founded by JetBlue founder David Neeleman, raised $573 million in a global initial public offering. The company offered 85.4 million shares (26% insider) at R$21, the midpoint of the range of R$19 to R$23, and the equivalent of 28.5 million ADSs at $20.12. The total deal size is 19% larger than anticipated; its market value at IPO remained at $2.3 billion.
Azul plans to list on the NYSE under the symbol AZUL and Brazil's Bovespa under the symbol AZUL4. Citi, Itau BBA, Deutsche Bank, Banco do Brasil Securities LLC, Bradesco BBI, Santander, J.P. Morgan, Raymond James and Banco Safra SA acted as lead managers on the deal.
