May 25, 2024

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By filing for an IPO in the U.S., Aeromexico sees a spike in revenue in 2023

By filing for an IPO in the U.S., Aeromexico sees a spike in revenue in 2023

Grupo Aeroméxico posted a 29% jump in revenue in 2023, two years after the Mexican airline emerged from judicial recovery, it announced Monday (13) in a filing for an IPO in the United States.

In recent months the U.S. The company is among a number of companies migrating to the exchanges, seeking to take advantage of the abundant capital and more favorable valuations that US markets offer.

The airline filed for judicial rescue in June 2020, with $2 billion in debt, damaged by a drop in demand for travel caused by the Covid pandemic, and bailout exited in March 2022.

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The company said existing shareholders will sell American Depositary Shares (ADS) in the IPO, but did not disclose the size or price range of the offering.

Grupo Aeroméxico’s revenue in 2023 is expected to be $4.92 billion, up from $3.81 billion a year earlier, as demand for travel recovers from the crisis caused by the pandemic.

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Operating profit increased to $715.8 million in the same period, compared to $510.8 million in 2022.

The airline’s shareholders include private equity firm Apollo Management, Delta Air Lines and investment firm Silver Point Capital.

Grupo Aeroméxico offers long-haul, wide-body services connecting Mexico with the rest of the world. At the end of March, the airline operated 144 flights.

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There are flights to all major cities in Mexico and more than 43 international cities in 22 countries on several continents.

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Barclays Capital, Morgan Stanley, JP Morgan Securities and Evercore Group are the lead underwriters for the offering.