US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Grupo Aeromexico / Equity Capital Markets

<ul>
<li>Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.</li>
<li>IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.</li>
<li>With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.</li>
</ul>


Grupo Aeroméxico priced at $19.00 and closed at $20.35 (+7.1%), marking a solid first-day gain amid strong institutional demand.
IPO reportedly 10x oversubscribed, driven by long-only and international accounts, signaling strong conviction in Aeroméxico’s turnaround and balance sheet discipline.
With Apollo and Delta as backers, improving margins, and regional airline momentum, Aeroméxico’s IPO positions it for sustained flight in a recovering market.


Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

<ul>
<li>Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.</li>
<li>Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.</li>
<li>Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.</li>
</ul>


Since emerging from Chapter 11 in 2020, Aeroméxico has delivered record profitability with FY24 operating margins of 19% and leverage reduced to just 1.9x net debt/EBITDAR.
Positioned as Mexico’s flagship full-service carrier with Delta partnership synergies, Aeroméxico offers a compelling valuation discount to peers despite macro and FX headwinds.
Grupo Aeroméxico’s IPO is reportedly oversubscribed more than 10x, with strong participation from long-only and international investors, indicating robust institutional appetite.


Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

<ul>
<li>The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.</li>
<li>AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. </li>
<li>The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. </li>
</ul>


The Apollo and Delta Airlines backed airliner is going public with more than $3bn in debt.
AERO is to offer 11.7 million shares at $18.00-$20.00 and starts the clock on its 20-day automatic effectiveness with the SEC. 
The most recent international airline company to be listed on US exchanges was Latam Airlines Group SA (LTM US) which has fared well. 


Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

<ul>
<li>In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.</li>
<li>They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.</li>
<li>Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.</li>
</ul>


In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.
They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.
Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.


Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. </li>
<li>In this cut, we revisit memory stocks' stellar year, unpack results from <em>the best pure-play gaming franchise</em>, and spotlight airline stocks poised for lift-off.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
In this cut, we revisit memory stocks' stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

Mexico

Grupo Aeromexico SAB de CV operates as an airline. The Company offers air transportation services, as well as promotes passenger loyalty programs. Grupo Aeromexico serves customers worldwide.

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Grupo Aeromexico (AERO US)

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

IPO Boutique

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.

IPO Boutique

Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator

In 2022, leading airline in Mexico emerged from bankruptcy, delisted from stock exchange, with Apollo as major shareholder, dominating MEX airport...

IPO Boutique

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Grupo Aeroméxico (AERO): Value Takes Flight with a Controlled Ascent

​Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

IPO Boutique

Grupo Aeroméxico (AERO): Airline Operator Seen As "Value Play" At IPO Price

​Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

IPO Boutique

Grupo Aeroméxico (AERO): Apollo-Backed Airline Operator Sets Terms in Long Awaited US IPO

​Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.

IPO Boutique

Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator

​In 2022, leading airline in Mexico emerged from bankruptcy, delisted from stock exchange, with Apollo as major shareholder, dominating MEX airport...

IPO Boutique

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This ​Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

Aeroméxico's successful IPO debut at $20.35 (+7.1%) reflects strong institutional demand and investor confidence in the airline's turnaround and...

Aeroméxico has seen record profitability post-Chapter 11, offering a compelling valuation discount with strong IPO interest.

Airliner backed by Apollo and Delta Airlines going public with over $3bn in debt, offering 11.7 million ADSs at $18.00-$20.00.

In 2022, leading airline in Mexico emerged from bankruptcy, delisted from stock exchange, with Apollo as major shareholder, dominating MEX airport...

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.