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Azul commences IPO


Brazil’s LCC Azul S.A. (Azul) announced on the 16th of March 2017 that it has commenced an initial public offering (IPO). Azul offers a total of 72 million shares in Sao Paulo Stock Exchange and New York Stock Exchange. According to Reuters, the LCC wants to raise as much as $532 million in the IPO.

The airlines had previously attempted to list in 2013, 2014 and 2015, but it failed. Azul was reported to gain fresh capital through private stake sales in 2015 to United Continental Holdings for 5% shares valued at $100 million. At the same year, it also sold 23.7% shares to China’s HNA Group for $450 million.

Azul said that it anticipated the IPO price will be between R$19.00 and R$23.00 per preferred share and between US$18.02 and US$21.81 per ADS, calculated at the exchange rate of R$3.1636 per US$1.00 at 14th of March 2017.

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Embraer announced on the 9th of March 2017 that Azul Brazilian Airlines, the largest operator of the E195s current-generation, will be the launch operator of the E195-E2. Azul’s contract with Embraer is for up to 50 aircraft, being 30 firm orders and 20 purchase rights.
 

The airline, established on the 5th of May 2008, now operates a fleet of 134 aircraft and serves 105 destinations in Brazil, Argentina, Bolivia, French Guiana, Portugal, the United States, and Uruguay. According to the Brazilian Civil Aviation Authority (ANAC), between January and December 2015 Azul had 17.0% of the domestic and 7.8% of the international market shares in terms of passengers per kilometer flown, making it the third largest airline in Brazil, after LATAM and Gol.


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