Azul Ipo Grounded By Brazilian Regulators

Azul ipo grounded by brazilian regulators

Azul ipo grounded by brazilian regulators

Law360, New York (April 11, 2017, 4:43 PM EDT) -- Brazilian airline Azul SA on Tuesday raised $571 million in an upsized initial public offering under advisement from Shearman & Sterling LLP, shortly after Brazilian regulators lifted a suspension on the IPO regarding the release of certain information that wasn’t in the offering documents.

Azul offered 85.4 million preferred shares in the form of American Depositary Shares, of which each ADS represents three preferred shares.

The offer price amounted to $20.06 per ADS, or 21 Brazilian reais per preferred share.

The dual-country listed stock began trading Tuesday on the New York and São Paulo exchanges.

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The debut showed that Azul, which...

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Azul ipo grounded by brazilian regulators