Grupo Aeroméxico, owner of Aeroméxico (AM, México City International), has resumed trading on the New York Stock Exchange (NYSE) and the Mexican stock trade (Bolsa Mexicana de Valores - BMV) and has earned around USD179 million from “the primary component” of its initial public offering (IPO).

The Mexican carrier returns to the market three years after it stopped trading during its Chapter 11 bankruptcy procedure. In Mexico, it listed 27.4 million shares priced at MXN35.34 pesos (USD1.90) per share. In the United States, it offered 11.7 million American depositary shares (ADS) priced at USD19 apiece, each representing ten Aeroméxico shares.

It began trading on November 6 under the ticker “AERO”.

Additionally, Aeroméxico PAR Investment Partners privately invested USD25 million in the carrier at USD1,805 per share.

Combined proceeds from the public and private offerings are expected to total USD178.8 million before deductions, the carrier said in a statement. It aims to use part of the net proceeds for general corporate purposes, including fleet expansion, “customer experience infrastructure”, and maintenance obligations. However, adding up the numbers of the BMV and NYSE proceeds, plus PAR's investment, gives an estimated total of USD300 million. ch-aviation has reached out to Aeroméxico for clarification.

Prior to the IPO, Apollo Management Holdings L.P. via AP Aguila Holdings, Ltd., owned 22.4% of Aeroméxico, with Delta Air Lines holding 20.0% and other shareholders the remaining 57.6%. Delta will remain a shareholder despite recent clashes between the Mexican and US government over the bilateral air transportation agreement between both countries, which led to the US Department of Transportation ordering the carriers to end their joint venture by the end of the year.

Apollo was Aeroméxico’s funding provider during its Chapter 11 bankruptcy process, providing USD1 billion in debtor-in-possession financing.

According to ch-aviation data, Aeroméxico’s fleet comprises thirty-four B737-800s, forty-five B737-8s, twenty-nine B737-9s, eight B787-8s, fourteen B787-9s, and thirty-five E190s operated by subsidiary Aeroméxico Connect.