Volaris, Mexico’s third-largest airline, sold at least $346 million of shares in an initial public offering at the low end of its projected range.
The airline sold 28.9 million American Depositary Receipts at $12 each in New York, according to data compiled by Bloomberg. The company had said in a Sept. 16 regulatory filing that it planned to sell the ADRs at a price of $12 to $14 each. The transaction also provides an option for underwriters to increase the size of the sale by 15 percent.
The Mexico City-based airline, officially known as Controladora Vuela Cia. de Aviacion SAB, planned to raise as much as $460 million including the so-called greenshoe option. Volaris, whose shares are set to start trading today, becomes the second publicly-traded airline in Mexico. The other is Grupo Aeromexico SAB (AEROMEX*), the nation’s biggest carrier.
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