Azul, which is Brazil's third largest airline founded by JetBlue founder David Neeleman, announced terms for its IPO on Thursday.
The São Paulo, Brazil-based company plans to raise $478 million by offering 72 million shares (13% insider) at a price range of $18.02 to $21.81 per ADS (three shares per ADS). At the midpoint of the proposed range, Azul would command a fully diluted market value of $2.2 billion.
Azul was founded in 2008 and booked $2.1 billion in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol AZUL. 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. It is expected to price during the week of April 3, 2017.
