Apollo-Backed Airline Raises $222.8M in Major US IPO Comeback

Grupo Aeromexico, Mexico’s flagship airline, just completed its long-awaited U.S. initial public offering (IPO). The airline, backed by Apollo Global Management, raised $222.8 million. This marks a major return to the public markets. The Mexican carrier had filed for Chapter 11 bankruptcy in 2020. It successfully emerged from restructuring in 2022.

Aeromexico sold 11.7 million American Depositary Shares (ADS). Each ADS was priced in the targeted range. The deal also included a concurrent private placement from PAR Investment Partners. The successful IPO values the airline at nearly $3 billion.

The airline will now trade on the New York Stock Exchange under the ticker symbol “AERO.” This successful listing shows renewed investor confidence. It follows a recent trend of Latin American carriers returning to U.S. markets. This new funding will support the airline’s fleet expansion and growth strategy. It solidifies Aeromexico’s position as Mexico’s only full-service, long-haul carrier.