Grupo Aeromexico, a restructured Mexican airline, announced terms for its IPO on Friday.
The Mexico City, Mexico-based company plans to raise $223 million by offering 11.7 million ADSs (37% secondary) at a price range of $18 to $20. It plans to offer 27.5 million shares (75% secondary) in the concurrent Mexican offering, and raise an additional $25 million in a concurrent private placement to PAR Capital at a price per share of 95% of the IPO price. At the midpoint of the proposed range, Grupo Aeromexico would command a market value of $2.8 billion.
Grupo Aeromexico states that it is the only full service carrier based in Mexico and the only airline that provides long-haul, wide-body service connecting Mexico with the rest of the world. The company offers both international and domestic destinations, including every major city in Mexico and 52 international cities in 22 countries across multiple continents. Grupo Aeromexico is the only Mexican airline to be a member of one of the three global airline alliances (SkyTeam), which it co-founded with Delta more than 20 years ago, and it also has a Joint Cooperation Agreement with Delta that supports passenger flows in the Mexico-US transborder market. In 2022, the company completed a reorganization process under Chapter 11, which included delisting its shares off the Mexican Stock Exchange. It plans to relist its shares in Mexico concurrently with its US listing.
Grupo Aeromexico was founded in 1934 and booked $5.4 billion in revenue for the 12 months ended June 30, 2025. It plans to list on the NYSE under the symbol AERO. Barclays, Morgan Stanley, J.P. Morgan, Evercore ISI, Apollo Global Securities, Citi, Deutsche Bank, Goldman Sachs, BNP Paribas, BTG Pactual, and Santander are the joint bookrunners on the deal.
