Grupo Aeroméxico, Mexico’s flagship airline and the country’s only full-service carrier (FSC), has filed to list American Depositary Shares (ADSs) on the New York Stock Exchange under the ticker AERO. The global offering includes both a U.S. tranche and a concurrent Mexican offering, together totaling 144.7 million shares (equivalent to 11.7 million ADSs) at an estimated price range of $18–$20 per ADS. Barclays, Morgan Stanley, J.P. Morgan, and Evercore ISI are leading the book-running syndicate, with additional support from Citigroup, Goldman Sachs, Deutsche Bank, and others. At the midpoint of the range ($19 per ADS), Aeroméxico would reach a post-offer market capitalization of roughly $2.77 billion. The total global deal size is expected to be about $275 million, split between the U.S. tranche (~$223 million) and the Mexican tranche (~$52 million). This dual listing highlights the company’s aim to capture both domestic and international investor demand. Delta Air Lines remains a cornerstone shareholder with a 20% stake and has agreed to a four-year lock-up, underscoring its long-term strategic commitment. Meanwhile, PAR Capital Partners intends to inject $25 million through a concurrent private placement, further signaling institutional investor confidence.
Aeroméxico differentiates itself as Mexico’s only FSC, offering a premium three-class service with long-haul connectivity across 22 countries and membership in the SkyTeam Alliance. Its strategic hubs in Mexico City (MEX), Guadalajara, and Monterrey provide unmatched reach to both corporate and leisure travelers. With the collapse of Interjet in 2020, Aeroméxico has consolidated its leadership at MEX and expanded into previously competitive routes. Following a successful Chapter 11 restructuring in 2022, the airline rightsized its cost structure and modernized its fleet. By June 30, 2025, Aeroméxico operated a fleet of 158 aircraft with an average age of just 8.4 years, significantly younger than U.S. legacy carriers.
Financially, Aeroméxico has staged a strong recovery, though recent currency headwinds have weighed on results. In 2022, the airline posted a net loss of $64.2 million, but by 2023 had swung back to profitability with $273.4 million in income. That momentum carried into 2024, when revenues reached $5.62 billion—up 14.3% year over year—while net income surged to $617.5 million and operating margins expanded to 19%, among the strongest in the airline industry.
While the first half of 2024 saw Aeroméxico deliver $346.7 million in net income on revenues of $2.69 billion, the first half of 2025 reflected pressure from peso depreciation, which reduced revenues to $2.50 billion and net income to just $90.0 million. Even so, disciplined cost management preserved a double-digit operating margin of nearly 15%, showcasing resilience despite external headwinds.
With one of the world’s fastest-growing aviation markets, Aeroméxico is positioning itself as a premium growth play. Its strategy focuses on expanding long-haul capacity with Boeing 787-9s, leveraging partnerships with Delta, and scaling its Aeroméxico Rewards loyalty program—already Mexico’s largest, with over 13 million members. Challenges remain, including fuel price volatility, regulatory uncertainty around its U.S. antitrust agreement with Delta (set to expire in early 2026), and currency fluctuations. Still, Aeroméxico’s leaner cost base, modern fleet, and global alliances could make the IPO an attractive gateway for investors looking for exposure to Latin America’s expanding air travel sector.
Aeromexico will take off the week of November 3rd, 2025.