Aeromexico valued at $2.8 billion in NYSE debut four years after bankruptcy exit

Apollo-backed Grupo Aeromexico's shares rose 0.84% in their New York Stock Exchange debut on Thursday, valuing the Mexican airline at nearly $2.8 billion almost four years after emerging from bankruptcy.

Shares of the company opened at $19.16 apiece, just above the $19 issue price.

Aeromexico and some of its existing shareholders sold 11.7 million American Depositary Shares (ADS) in an initial public offering on Thursday at the midpoint of its marketed range of $18 to $20, raising $222.8 million.

The listing comes as the IPO market rebounds following a slowdown triggered by U.S. President Donald Trump's shifting trade policies and market volatility.

A rally in equities and interest rate cuts by the U.S. Federal Reserve have boosted investor demand for fresh offerings, though a prolonged government shutdown has created delays.

Aeromexico's debut also lands amid the Trump administration's crackdown on Mexican airlines over competition concerns, leaving investors cautious and waiting for regulatory clarity.

The U.S. Department of Transportation has moved to revoke several Mexican airline routes and is in a court dispute over its order to unwind Delta and Aeromexico's joint venture that lets the carriers coordinate scheduling, pricing and capacity.

Aeromexico, backed by alternative asset manager Apollo Global and U.S. carrier Delta, had filed for a U.S. listing last year. CEO Andres Conesa said in February that market conditions were not ideal for listing at the time.

Mexico's legacy airline Aeromexico filed for Chapter 11 bankruptcy protection in 2020 after the pandemic crushed travel demand, and completed its restructuring in January 2022, after lowering costs and upgauging to larger, more efficient aircraft.

Barclays, Morgan Stanley, J.P. Morgan and Evercore were the joint lead book-running managers for the listing.