Aeroméxico (AM, México City International) is hoping to raise up to USD314.4 million through an initial public offering (IPO) at the New York Stock Exchange and the Mexican Stock Exchange (BVM) combined with a private placement to PAR Capital. Delta Air Lines will not be selling any shares and might become the airline's single-largest shareholder.

According to an October 17, 2025, SEC filing, the Mexican flag carrier and some of its existing shareholders include to sell a total of 144.7 million shares. The IPO includes the sale of 117.2 million shares in the US as 11.7 million American Depositary Shares (ADS). Each ADS will represent 10 shares listed in Mexico. Aeroméxico will issue 73.9 million new shares, through ADS, while the remaining 43.3 million shares will be sold by existing shareholders.

The ADS will trade at NYSE under the ticker "AERO".

The US offer will be complemented by a concurrent listing of 7 million new shares and the sale of 20.4 million existing shareholders' shares at the BVM.

The airline expects the IPO price to be in the range of USD18-20 per ADS, pricing the total issuance at between USD260.5 million and USD289.4 million.

PAR Capital has separately committed to inject USD25 million through a private placement of shares.

Existing shareholders have also granted the underwriters the option to sell another 21.7 million shares, through ADS, in case of overallotments.

Following the IPO, the carrier's largest shareholder, Apollo Global Management, will reduce its stake from the current 22.4% to 19.1%, or 18.2% if the options are exercised. This might make Delta Air Lines, which holds a 20% stake in Aeroméxico and is not selling any shares, the largest shareholder post-IPO. The US carrier's stake will decrease to 18.7% due to the injection of new capital. Funds managed by Silver Point Capital will remain the third-largest shareholder, but their stake will decrease from the current 9.7% to 9%.

Aeroméxico delisted in 2022 as a part of its Chapter 11 bankruptcy restructuring. It aimed to return to the stock market in 2024, but delayed this due to uncertainty surrounding the US presidential elections. The airline said it would retain "broad discretion over the use of proceeds", but said that some intended uses were the expansion of the fleet, investments in customer experience infrastructure, and fleet maintenance obligations.