Shares in Grupo Aeromexico are now publicly listed in the US, following a global offering split between the New York Stock Exchange (NYSE) and the Bolsa Mexicana de Valores (BMV).
Almost 12 million American Depositary Shares (ADS) were listed on the NYSE on Thursday (November 6), while 27.4 million common shares were listed on the BMV.
The ADS shares, which are worth 10 common shares, were priced at $19.00 – the midpoint of Aeromexico’s marketed range of $18 to $20.
The ADS shares opened trading slightly above the listing price, at $19.16 each, and closed their first day of trading more than 5% higher.
This brought the company to a valuation of almost $3bn, though as of market open today (November 11), the shares are currently down more than 12% from their peak.
Nonetheless, the global offering and a concurrent private placement raised $222.8 million, significantly exceeding the company’s target of $178.8 million.
Net proceeds from two offerings will be used for general corporate purposes, including fleet expansion payments, fleet maintenance obligations, and investments in customer experience infrastructure.
In connection with the US offering, Barclays, Morgan Stanley, J.P. Morgan, and Evercore ISI acted as joint lead book-running managers.
Apollo Global Securities, Citigroup, Deutsche Bank Securities, Goldman Sachs, BNP Paribas, BTG Pactual, and Santander acted as book-running managers, and Academy Securities and Siebert Williams Shank acted as co-managers.
The global offering marks an impressive turnaround for the Mexican flag carrier, which filed for Chapter 11 bankruptcy in June 2020, at the height of the pandemic downturn.
In August that year, Apollo Global Management committed to a $1bn debtor-in-possession (DIP) financing facility, which became a key lifeline for the company.
Through conversion of the DIP financing into equity, Apollo became the largest shareholder of Aeromexico when it emerged from bankruptcy in March 2022.
The success of the global offering is also positive for Delta Air Lines, a major investor in and a long-term partner of Aeromexico.
Delta first invested in Aeromexico in 2012, when it acquired a 4.17% stake in the company for about $65 million.
The US airline expanded its stake via a tender offer in 2017, acquiring up to 36.2 % of outstanding shares in the company.
After Aeromexico’s exit from Chapter 11 restructuring in 2022, Delta emerged with a 20% stake in the reorganised company.
In a statement, Aeromexico said that Delta did not participate in the global offering, and instead entered into a four-year lock-up agreement.
The two airlines are currently vying with the US Department of Transportation as it seeks to block a joint venture between them on antitrust grounds.
Last week, the Trump administration asked a US appeals court to reject the airlines' attempts to overturn a previous order to unwind the joint venture, which was issued in September.
The airlines want a January 1, 2026 deadline to be stayed so that the court can have sufficient time to review their appeal.
The joint venture would enable Delta and Aeromexico to coordinate on scheduling, pricing and capacity for US–Mexico flights.
Finally, Aeromexico has announced the launch of two new routes from spring 2026 onwards, namely Mexico City to Barcelona and Monterrey to Paris Charles de Gaulle.
Both routes will be operated by Boeing 787 Dreamliner aircraft.