Aeroméxico Sets Stage for NYSE Return, Testing Latin American Aviation Appetite

In the shadow of a global pandemic that nearly grounded the aviation industry, Mexico’s flagship carrier, Aeroméxico, is scripting a remarkable comeback.

Founded in 1934, the airline once soared as Latin America’s aviation pioneer, connecting bustling Mexican cities to international hubs with a fleet of mostly Boeing jets.

But in June 2020, as COVID-19 crippled travel worldwide, Aeroméxico sought U.S. Chapter 11 bankruptcy protection—a legal lifeline allowing restructuring while continuing operations.

This led to its delisting from the Mexican Stock Exchange in 2022, mirroring struggles faced by peers like Brazil’s Gol and Chile’s LATAM.

Emerging stronger in June 2022, Aeroméxico drew vital investments from U.S. firm Apollo Global Management and deepened ties with Delta Air Lines through code-sharing agreements that expanded routes and efficiencies.

Now, on November 6, 2025, it plans a dual initial public offering on the New York Stock Exchange and Mexican bourse, aiming to raise up to $314.4 million by selling 144.7 million shares, including 11.7 million American Depositary Shares at $18–$20 each.

Aeroméxico IPO Faces Promise and Geopolitical Turbulence

This could value the company at $2.92 billion, with Apollo trimming its 22% stake to 18–20%, potentially making Delta the top shareholder.

Coordinated by banks like Barclays and Morgan Stanley, the IPO follows LATAM’s $456 million NYSE relisting in July 2024 and could pave the way for Abra Group—owner of Gol and Colombia’s Avianca—to follow suit.

Yet, this resurgence unfolds against brewing geopolitical storms. On October 28, 2025, the U.S. Department of Transportation revoked 13 Mexican airline routes and halted expansions at key airports, citing safety and management disputes.

These moves threaten Aeroméxico’s Delta partnership and broader operations, highlighting fragile U.S.-Mexico relations amid ongoing trade and border frictions.

For outsiders, this story reveals Latin America’s aviation sector as a barometer of economic recovery: a successful IPO could inject capital, create jobs, and boost connectivity in a region still healing from pandemic losses.

But regulatory hurdles underscore how national policies can clip global ambitions, urging vigilance on how cross-border ties shape emerging markets.

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