Grupo Aeroméxico recorded a 29 percent increase in its 2023 revenue, as revealed by the Latin American airline in the documentation presented on Monday for its initial public offering (IPO) of shares in the United States.
The company is one of many firms that have flocked to US stock markets in recent months seeking to take advantage of the broader pool of capital and higher valuations offered by the US market.
Grupo Aeroméxico will seek its IPO in the United States more than two years after emerging from a bankruptcy protection process.
The airline filed for Chapter 11 bankruptcy protection in the United States in June 2020 with a debt of two billion dollars, affected by the drop in travel demand caused by the covid pandemic.
Grupo Aeroméxico’s revenue in 2023 amounted to $4.92 billion, up from $3.81 billion the previous year, as travel demand recovered from the recession caused by the pandemic.
Operating income in the same period increased to $715.8 million compared to $510.8 million in 2022.
The company said its existing shareholders will sell American Depositary Shares (ADS) in the IPO, but did not disclose the size or price range of the offering.
The airline’s shareholders include private equity firm Apollo Management, Delta Air Lines and investment firm Silver Point Capital, among others.
Grupo Aeroméxico plans to list on the New York Stock Exchange under the symbol “AERO.”
Barclays Capital, Morgan Stanley, JP Morgan Securities and Evercore Group are the lead underwriters for the offering.
Grupo Aeroméxico offers service with wide-body, long-distance aircraft that connect Mexico with the rest of the world. The airline operated a fleet of 144 aircraft at the end of March.
The airline has flights to all major cities in Mexico and more than 43 international cities in 22 countries on multiple continents.
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– 2024-05-14 01:16:01
