Volaris Aviation, a Mexican airline that provides low cost service to 30 Mexican cities and 10 US cities, announced terms for its IPO on Friday. The Mexico City, Mexico-based company plans to raise $375 million by offering 28.8 million ADSs (40% insider) at a price range of $12 to $14. The company is dual listing on the NYSE (75% of shares offered) and the Mexican Stock Exchange (25%). At the midpoint of the proposed range, Volaris would command a market value of $1.3 billion.
Volaris Aviation, which was founded in 2005 and booked $1.0 billion in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol VLRS. The company initially filed confidentially on April 5, 2013. Deutsche Bank, Morgan Stanley and UBS Investment Bank are the joint bookrunners on the deal.
