Azul (AZUL) IPO Opens Higher

Today's IPO for Brazilian airline Azul (NYSE: AZUL) opened for trading at $22 after pricing at US$20.06 per ADS.

The offering consisted of 85,439,837 Azul’s preferred shares, of which 63,000,000 preferred shares are being offered by Azul and 22,439,837 preferred shares are being offered by the selling shareholders in a global offering, consisting of an international offering and a Brazilian offering. The preferred shares are being offered directly or in the form of American depositary shares, or ADSs, each of which represents three preferred shares.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc., Banco do Brasil Securities LLC, Banco Bradesco BBI S.A., Santander Investment Securities Inc., J.P. Morgan Securities LLC and Raymond James & Associates, Inc., are collectively acting as international underwriters with respect to the offering of the ADSs and, together with Safra Securities LLC and Bradesco Securities Inc., as agents on behalf of the Brazilian underwriters with respect to the offering of preferred shares sold outside of Brazil.

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