Grupo Aeroméxico, the flagship Mexican airline backed by Apollo Global Management and Delta Air Lines, is targeting a valuation of up to $2.9bn in its U.S. initial public offering as it prepares to relist on the public markets after a two-year absence, Reuters reports.

The company plans to raise as much as $234.5m by selling 11.7 million American Depositary Shares (ADS) at a price range of $18–$20 per share. Aeroméxico will trade on the New York Stock Exchange under the symbol “AERO.”

Private investment fund PAR Investment Partners has committed to purchasing $25m in shares through a concurrent private placement, priced at 95% of the IPO rate.

Aeroméxico filed for Chapter 11 bankruptcy in 2020 amid pandemic-related disruptions and emerged from the process in 2022 with the backing of Apollo and Delta, which remain among its largest shareholders.

Founded in 1934, the Mexico City-based airline has long been a dominant player in Latin America’s aviation market, serving both business and leisure travellers. It was nationalised in 1959 before returning to private ownership in 2007 through a Citigroup-led consortium. Aeroméxico was previously listed on the Mexican Stock Exchange until 2022, when it delisted as part of its restructuring.

The planned IPO follows a resurgence of Latin American carriers tapping U.S. capital markets, including LATAM Airlines, which raised $456m through its New York listing last year.

Barclays, Morgan Stanley, JPMorgan, and Evercore are leading Aeroméxico’s offering as joint bookrunners.

If successful, the deal will represent one of the largest Latin American airline IPOs in recent years and a significant milestone in Aeroméxico’s recovery and renewed growth strategy.

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