Azul, Brazil's third largest airline, refiled on Monday with the SEC to raise up to $100 million in a US initial public offering of ADSs representing preferred shares. However, the deal size is likely a placeholder for an IPO that could raise $500 million. The company plans to dual list its preferred shares on the NYSE and the São Paulo Stock Exchange.
Azul originally filed for a $100 million US IPO in May 2013 with the same bookrunners but withdrew in July 2014.
Azul was founded by David Neeleman, the founder of JetBlue (NASDAQ: JBLU).
Airline stocks have soared this year, helped by low fuel costs. Virgin America (VA) raised over $300 million in November and trades over 60% above its offer price. Aircraft lessor Avolon Holdings (AVOL) set terms on Monday to raise $300 million next week. Another lessor, Intrepid Aviation (INTR) is on file for a $150 million IPO.
The São Paulo, Brazil-based company was founded in 2008 and booked $2.3 billion in sales for the 12 months ended September 30, 2014. Azul refiled confidentially on September 10, 2014. Morgan Stanley, Itau BBA, Goldman Sachs, Santander and Banco do Brasil Securities LLC remain the joint bookrunners on the deal. No pricing terms were disclosed.
