Brazilian airline Azul sets IPO pricing terms

Brazilian airline Azul sets IPO pricing terms

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Chamber Member News Post Date: 03/20/17 Source: The Pe Hub Network By: Iris Dorbian
Summary

Brazilian airline Azul has priced its IPO of 72 million shares at between $18.02 and $21.81 per share. Azul plans on listing the stock on the New York Stock Exchange under the ticker symbol “AZUL.” Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc., Banco do Brasil Securities LLC, Bradesco Securities Inc., J.P. Morgan Securities LLC, Raymond James & Associates Inc and Santander Investment Securities Inc will serve international underwriters. Azul’s backers include include TPG Growth.

Azul S.A., or Azul, announced today that it has commenced an initial public offering pursuant to which Azul is offering 63,000,000 preferred shares and certain selling shareholders are offering 9,000,000 preferred shares, for a total of 72,000,000 preferred shares, in a global offering consisting of (i) an offering of preferred shares in Brazil by the Brazilian underwriters, and (ii) a concurrent international offering of preferred shares, including in the form of American depositary shares, or ADSs, in the United States and elsewhere outside of Brazil by the international underwriters. Each ADS represents three preferred shares. The selling shareholders intend to grant the international underwriters and Brazilian underwriters an option to purchase for a period of 30 days beginning on the date hereof up to the first day of trading of the preferred shares on the BM&FBOVESPA for 10,800,000 additional preferred shares at the initial public offering price less the underwriting discount to cover options to purchase additional preferred shares. The total amount of preferred shares offered in the global offering, including preferred shares represented by ADSs (but excluding preferred shares that may be sold pursuant to the underwriters’ option described above), may be increased by up to 20%, representing 14,400,000 additional preferred shares, including in the form of ADSs to be sold by the selling shareholders upon the agreement of the selling shareholders, Brazilian underwriters and the international underwriters. Read Full Article