Volaris Launches IPO

Mexico’s Volaris has launched an IPO targeting MXP5.75bn ($432m) and a September 18 pricing, according to regulatory documents. The airline is offering 173.1m primary shares and 115.4m secondary shares, at MXP16.00-MXP18.67 each, indicating a MXP5.75bn size at the midpoint if a 15% greenshoe is included. The sale includes a Mexican portion, expected to include 72.1m of the shares, and a US ADR portion expected to include the equivalent of 216.4m shares. Proceeds are marked for general corporate purposes and to repay loan debt. Deutsche Bank, Morgan Stanley, UBS, Evercore and Santander are managing, joined by Barclays and Cowen on the international portion.