Aeroméxico shares start trading on NYSE and BMV after $223 million dual listing

Early trading in Grupo Aeroméxico, the long-haul, wide-body airline connecting Mexico with the rest of the world, has begun on Freedom's trading system. The company is returning to the public market for the first time since bankruptcy, with a dual listing on the New York Stock Exchange and the Mexican Stock Exchange, where the shares will debut later today, November 6, under the symbol AERO.

Grupo Aeroméxico raised $222.8 million in its long-awaited IPO. The company sold 11.7 million shares at $19 per share, the midpoint of the marketed range. The market capitalization was about $2.77 billion, Reuters reports.

Backed by Apollo Global Management, Aeroméxico is listing both in New York and in Mexico City. In the NYSE offering, the carrier sold ADRs representing 73.94 million common shares, while shareholders including Apollo sold ADRs for 43.30 million shares, Bloomberg wrote. In the Mexican tranche, Aeroméxico offered 7.00 million shares, with its shareholders selling 20.46 million.

PAR Investment Partners agreed to purchase $25 million in stock through a private placement at a 5% discount to the IPO price. Delta Air Lines, which holds a 20% stake in Aeroméxico, entered a four-year lock-up agreement.

The deal was arranged by Barclays, Morgan Stanley, JPMorgan, Evercore ISI, and Apollo Global Securities.

Aeroméxico first listed on the Mexican exchange in 2011 and traded there until 2022, when it delisted as part of a post-bankruptcy restructuring, Reuters noted. The airline announced its return to the market in 2024, but post-election volatility in Mexico delayed the process.

Choosing the NYSE highlights the company’s international focus and long-term partnership with Delta Air Lines of the U.S., Capital.com argues. Listing in New York offers deeper institutional liquidity, access to dollar-denominated capital for fleet and route expansion, and greater visibility among global aviation investors. The site noted a broader trend of Latin American companies such as LATAM Airlines and Copa Holdings seeking U.S. listings to tap international capital.

Founded in 1934, Grupo Aeroméxico is Mexico’s flag carrier, operating a global network of passenger and cargo flights that connects more than 50 cities in 22 countries. The company’s main hubs are Mexico City and Guadalajara. Once nationalized in 1959, Aeroméxico remained state-owned until a Citigroup-led investor group bought it for about $250 million in 2007.

As of June 30, Aeroméxico held a 36.3% market share in domestic and international passenger traffic, according to the country’s Federal Civil Aviation Agency. Its fleet of 158 aircraft, mostly Boeing 737 MAX and 787-9 Dreamliner models, is among the youngest and most fuel-efficient in Latin America, Capital.com points out.

In the second quarter of 2025, Aeroméxico’s revenue declined to $1.31 billion from $1.39 billion a year earlier, while net income fell to $68 million from $242 million. The airline is a founding member of SkyTeam, an alliance of 18 international carriers.

The IPO comes as Aeroméxico and Delta challenge the Trump administration’s order to dissolve their transborder alliance, Bloomberg recalled.

The U.S. airline sector has shown renewed strength in 2025, improving sentiment toward aviation stocks, Capital.com writes. If Aeroméxico maintains earnings momentum and conservative pricing, it could attract solid investor demand and set a benchmark for other Latin-American carriers.

Post-listing performance will depend on the sector’s fundamentals, macroeconomic conditions, and the airline’s execution of its growth strategy. Mexico’s expected GDP growth of about 2.8% in 2025 and strong consumer demand could support the stock. A firmer peso lowers dollar-linked fuel and leasing costs, though oil-price volatility remains a risk. The airline has hedged roughly 50% of its 2026 fuel needs.

Low-cost rivals Volaris and Viva Aerobus control about 70% of the domestic market, pressuring fares on short routes. Aeroméxico’s strength lies in its extensive network and premium service, Capital.com noted.

Freedom Finance analyst Alem Bektemirov estimates a target price of $20.26 per share, implying upside of 6.7% from the IPO price. He cited risks such as jet-fuel price swings, supply disruptions, and external shocks including disease outbreaks, security incidents, terrorism, and natural disasters.

Mexico’s stock market is regaining momentum after years of stagnation. In July, Fibra Next, a real-estate fund, completed the country’s largest IPO in seven years. In September, Grupo Nutrisa SA de CV went public after spinning off from Grupo Herdez SAB.

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Freedom clients will be able to trade Aeroméxico shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the symbol AERO on the Freedom platform.

The AI translation of this story was reviewed by a human editor.