Azul IPO back on after regulator gives go-ahead
Monday, 07 Apr, 2017
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Brazil’s securities regulator finally cleared airline Azul to go ahead with its planned IPO.
Financial regulator CVM gave permission to the airline to proceed with the public offering after halting it just a day earlier.
It originally suspended it for 30 days.
Financial regulator CVM said the airline, full name Azul Linhas Aéreas Brasileiras SA, broke rules on the release of public information.
CVM said Azul had made projections about its investment of Portuguese carrier TAP that were not mentioned in its IPO prospectus.
It also said confidential information about the pricing of shares was disclosed to some media outlets.
The suspension was imposed to allow ‘irregularities’ to be addressed, CVM said.
Late Friday it was satisfied Azul had addressed those issues.
Azul said it hopes to finalize pricing on Monday and shares will be traded on the Sao Paulo and New York Stock Exchanges.
Azul, which is helmed by JetBlue founder David Neeleman, hopes to raise more than $500 million in the IPO.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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