Azul, which is Brazil's third largest airline, filed an initial public offering on Monday with the SEC that we estimate could raise up to $500 million. Azul was founded by Jetblue (Nasdaq: JBLU) founder David Neeleman. The company has previously filed for and withdrawn two IPOs.
The São Paulo, Brazil-based company was founded in 2008 and booked $2.1 billion in sales for the 12 months ended December 31, 2016. It plans to dual list on the NYSE and São Paulo Stock Exchange. Citi, Deutsche Bank, Itau BBA, Banco do Brasil Securities LLC, Bradesco BBI, J.P. Morgan, Raymond James and Santander are the joint bookrunners on the deal. No pricing terms were disclosed.
