Apollo-backed Aeroméxico seeks up to $2.9 billion valuation in US IPO

(Reuters) -Grupo Aeroméxico said on Friday it was targeting a valuation of up to $2.92 billion in its U.S. initial public offering, as the Mexican carrier looks to go public again after over two years. Mexico City-based Aeroméxico and some of its existing shareholders are seeking up to $234.5 million by offering 11.7 million American Depositary Shares priced between $18 and $20 each. Mature companies often seek a return to public markets after a successful reorganization under bankruptcy. Aeroméxico filed for Chapter 11 bankruptcy protection in 2020 with $2 billion in debt, as the pandemic hammered travel demand. Backed by alternative asset manager Apollo Global and U.S. carrier Delta, Aeroméxico has since bounced back after emerging from bankruptcy in 2022. Private investment fund PAR Inv