Aeromexico IPO Raises $223M, Returns Strong After Bankruptcy

Grupo Aeroméxico, the parent company of Mexico’s flag carrier Aeroméxico, successfully raised approximately $222.8 million in its long-awaited US initial public offering (IPO) on the New York Stock Exchange (NYSE) under the ticker “AERO.”

The IPO marks Aeroméxico’s return to the public markets nearly four years after emerging from Chapter 11 bankruptcy in 2022.

The shares were priced at $19 each, within the targeted range of $18 to $20, valuing the airline at around $2.77 billion prior to its trading debut.

Following the IPO, Apollo Global Management remains the largest shareholder, though its stake fell from 22.4 percent to approximately 19.1 percent. Delta Air Lines, which currently holds about 20 percent, could soon overtake Apollo as the airline’s primary shareholder.

Leading global investment banks like Barclays, Morgan Stanley, JPMorgan, and Evercore served as the main underwriters for the offering.

The IPO strengthens Aeroméxico’s balance sheet and provides funds for fleet renewal, network expansion, and technology upgrades.

Aeroméxico had originally filed for a US listing in 2024, but political uncertainty, regulatory delays, and tariff disputes forced several postponements. In October 2025, the airline reaffirmed its commitment to going public, setting a valuation target of up to $2.92 billion.

Photo by Christian Coquet on Unsplash