Interjet Goes for Public Takeoff

Mexican low-cost airline company ABC Aerolineas, or Interjet as it is known, has filed for an IPO, according to regulatory documents. It plans to sell primary and secondary shares in an offer in Mexico and overseas, it says, though does not indicate the timing or the size. The primary proceeds are marked 56% for “contingencies” and strategic investments, with 21% going to finance aircraft, 14% to improve facilities at airports, and the remainder for general purposes. The secondary sellers are members of the founding and controlling Aleman family. Founded in 2005, Interjet posted MXP527.0m ($45.2m) net earnings in 2010, and MXP85.7m ($7.3m) in 2009. It claims a 24.4% market share as of March 31, according to the prospectus, trailing Aeromexico’s 41.8%. JPMorgan is managing the sale, which would be the second IPO this year from an airline, following Aeromexico, and the second overall if it prices before BanRegio.