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>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

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

Equity Bottom-Up

Gol Linhas Aereas Intel-Adr / Equity Bottom-Up

<ul>
<li>GOL has filed for CH11 in a New York court and will look to restructure, as major competitors/peers LATAM Group, Avianca and Aeromexico did when COVID struck, disadvantaging GOL.</li>
<li>To illustrate GOL's disadvantage; in 9M23, GOL's financing costs outweighed its EBITDAR to drive a negative PBT, whereas LATAM's PBT represented 29% of EBITDAR, despite lower EBITDAR margins of 22%. </li>
<li>Based on recent precedents, we expect the process may take two years.</li>
</ul>


GOL has filed for CH11 in a New York court and will look to restructure, as major competitors/peers LATAM Group, Avianca and Aeromexico did when COVID struck, disadvantaging GOL.
To illustrate GOL's disadvantage; in 9M23, GOL's financing costs outweighed its EBITDAR to drive a negative PBT, whereas LATAM's PBT represented 29% of EBITDAR, despite lower EBITDAR margins of 22%. 
Based on recent precedents, we expect the process may take two years.


GOL - Chapter 11 Filing In a Bid to Ensure Financial Sustainability

Chile

LATAM Airlines Group S.A. is an airline that provides both domestic and international flight services.  The Company provides passenger and cargo services to destinations in Chile, South America, the Caribbean, Europe, North America, and the Pacific.  LATAM Airlines operates passenger aircraft and cargo freighters.

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Latam Airlines Group SA (LTM US)

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

GOL - Chapter 11 Filing In a Bid to Ensure Financial Sustainability

Perspective on GOL filing for Chapter 11 in the US, including its disadvantage to restructured peers and the likely timeline based on recent...

Neil Glynn

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52-week Range

Market Cap (USDm)

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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

GOL - Chapter 11 Filing In a Bid to Ensure Financial Sustainability

Perspective on GOL filing for Chapter 11 in the US, including its disadvantage to restructured peers and the likely timeline based on recent...

Neil Glynn

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