After three years of absence, Aeroméxico will disembark this Thursday from the front door of the financial markets. Mexico’s national airline has announced its return to the Wall Street Stock Exchange and the Mexican Stock Exchange (BMV). The return will take place through a mixed and global offering in Mexico and the United States. 27.4 million shares will be placed in the Mexican park at a price of 35.34 pesos and 11.2 million American depositary receipts (ADS) will be offered on the New York market at 19 dollars each. “Aeroméxico anticipates that resources from the global offering component and the concurrent private placement will be approximately 178.8 million,” the company said in writing.
Aeroméxico’s return to the financial markets will take place under the code “AERO”. The company specified that Delta, the airline’s current shareholder, did not participate in the global offer and signed a non-disposal agreement lasting four years. The selling shareholders have granted the placing intermediaries of the international offering an over-allotment option to acquire up to 2.1 million additional securities, which will be valid for a period of 30 days from the date of said offering, while no over-allotment option has been granted for the issue in Mexico.
In addition to the global mixed offering, Aeroméxico will conduct a private placement of shares in the amount of $25 million, at a price of $1,805 per share. According to the company, this concurrent offering will close this Friday and will be subject to customary closing conditions. Together, through these two issues, the company expects to raise more than $178.8 million. Mexico’s national airline explained that part of the resources will be used to cover payments related to the expansion and maintenance of its fleet, as well as investments to improve the experience of its customers.
Aeroméxico stopped operating in financial markets in 2022 after avoiding the brink of bankruptcy. In 2020, Mexico’s national airline filed for Chapter 11 in the midst of one of its biggest financial setbacks due to the ravages of the covid-19 pandemic. Three years later, the company has regained strength, carrying 18.4 million passengers from January to September this year.
Now, Aeroméxico’s long-awaited return to the financial markets has not been without its turbulence. The company opted to return to the New York and Mexican stock exchanges amid uncertainty over the future of its alliance with Delta. Last September, the US Department of Transportation ordered the end of this agreement, considering it detrimental to the interests of the sector; however, the airlines have decided to appeal the ruling in court.
