Mexico’s flagship airline Grupo Aeroméxico successfully completed its return to public markets on November 6, 2025, raising approximately $300 million through a dual-listing initial public offering on the New York Stock Exchange and the Bolsa Mexicana de Valores.
The airline’s American Depositary Shares (ADS) were priced at $19 each—the midpoint of the expected $18-$20 range—with 11.72 million ADSs offered in the U.S. market. Each ADS represents 10 common shares. The offering also included 27.5 million common shares on the BMV priced at 35.34 pesos ($1.90 per share).
Shares began trading under the ticker symbol AERO on both exchanges, opening at $19.16 on the NYSE and closing the first day at $20.35—a 7.1% gain from the IPO price. The strong debut performance valued the airline at approximately $2.8 billion.
The IPO was led by Barclays, Morgan Stanley, and J.P. Morgan, with additional support from Evercore ISI and Apollo Global Securities. The offering was reportedly oversubscribed, indicating strong investor demand.
Post-Bankruptcy Comeback
The public offering marks a significant milestone for Aeroméxico, which delisted from public markets three years ago following Chapter 11 bankruptcy restructuring during the COVID-19 pandemic. The airline, founded in 1934, continued operations throughout its bankruptcy proceedings and emerged in 2022 with backing from Apollo Global Management.
In addition to the public offering, U.S.-based Par Investment Partners purchased $25 million in shares through a concurrent private placement at a 5% discount to the IPO price.
Delta Air Lines, which holds a 20% stake in Aeroméxico and maintains a revenue-sharing agreement for U.S.-Mexico routes, did not participate in the offering and entered into a four-year lock-up agreement.
Strong Financial Performance
The airline’s return to public markets comes on the back of solid financial performance. For the 12 months ending June 30, 2025, Aeroméxico reported net income of $360.8 million on revenue of $5.4 billion. In the first nine months of 2024, the carrier generated revenue of $4.19 billion with net income of $542 million.
Aeroméxico currently holds a 36.3% market share of passengers flying within, to, and from Mexico, according to AFAC data. The airline operates a fleet of approximately 125 aircraft—primarily Boeing 737 MAX 8/9 and 787-9 Dreamliners—which is among the youngest and most fuel-efficient in Latin America.
As a founding member of the SkyTeam Alliance, Aeroméxico partners with 18 global airlines including Air France-KLM and Korean Air, serving over 50 international cities across 24 countries from its hubs in Mexico City, Felipe Ángeles International Airport, and Guadalajara.
Aeroméxico plans to use the IPO proceeds to fund fleet expansion, customer experience infrastructure improvements, and maintenance operations. The capital will support the airline’s continued growth strategy and network expansion plans.
Broader Market Implications
Industry analysts view the successful IPO as a positive signal for Mexico’s equity capital markets, which have seen more delistings than new offerings in recent years. The transaction was delayed in 2024 due to market uncertainty following Mexico’s elections and proposed constitutional reforms.
Bradesco analyst Rodolfo Ramos told Bloomberg that market conditions for IPOs are “starting to be much more favorable” compared to recent years. Legal experts predict a handful of additional Mexican IPOs could materialize over the next 18 months, particularly in retail, infrastructure, and real estate sectors as nearshoring opportunities continue to drive investment interest.
The Aeroméxico offering follows Fibra Next’s completion of Mexico’s largest IPO in seven years this past July, suggesting renewed momentum for Mexican companies accessing public capital markets.