Avianca Ambiguous on IPO

Avianca is not considering an IPO of its operating company in Colombia, it says, though it is keeping its options open at the Avianca-Taca combined holdco. “Avianca SA informs that, to date, it has not considered filing to list its shares on the Bolsa de Valores de Colombia. However, its shareholders through Avianca Taca Limited constantly analyze options in the capital markets,” the airline says. The company was responding to speculation about listing in the local press. With significant fundraising needs, ECM bankers say a plan is still likely in the cards. However, the company may elect to list locally this year, and subsequently add ADRs or a New York listing at a later date. Avianca and Taca merged in 2009, and have been expected by analysts to issue equity ever since.