Azul prepares for initial public offering as growth continues

Azul prepares for initial public offering as growth continues

Brazilian airline Azul has revived plans for an initial public offering as it prepares to launch flights to the United States.

The carrier revealed plans to list preferred shares on the Level 2 chapter of the Sao Paulo Stock Exchange, and American depositary shares on the New York Stock Exchange.

However, a preliminary prospectus filed in New York did not give clear guidance on the size or timing of the offering.

The potential IPO will be a return to the market for David Neeleman, who founded JetBlue Airways Corp.

He left that airline in 2008 to launch the Brazilian carrier, his fourth airline start-up.

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Azul, now the third largest carrier in Brazil, has grown from a niche regional carrier to a credible challenger to the dominant Brazilian duo Gol Linhas Aereas and the TAM, a regional subsidiary of LATAM.

The news comes on the heels of an order for 35 A320neo narrow-body aircraft from Europe’s Airbus and a leasing agreement for 28 more jets of the same model.

In April, Azul announced plans to start flights to southern Florida early next year, followed by flights to New York.