Grupo Aeromexico, a restructured Mexican airline, raised $223 million by offering 11.7 million ADSs (37% secondary) at $19, the midpoint of the range of $18 to $20. It raised about $52 million in the concurrent Mexican offering (75% secondary), and raised an additional $25 million in a concurrent private placement to PAR Capital at a 5% discount to the price per share in the IPO. At pricing, the company commands a market cap 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.
Grupo Aeromexico 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 acted as joint bookrunners on the deal.
