Mexican airline Volaris Aviation prices IPO at $12 low end, raising $346 million
Volaris Aviation Holding, a Mexican airline that provides low-cost service to 30 Mexican and 10 US cities, raised $346 million on Tuesday by offering 28.8 million ADSs (40% insider) at $12, the low end of the $12 to $14 range. Volaris Aviation, which filed with the SEC under the name Controladora Vuela Compañía de Aviación, will dual-list on the NYSE (ticker symbol "VLRS") and the Mexican Stock Exchange (ticker symbol "VOLAR"). The company initially filed confidentially on 4/5/2013. Deutsche Bank, Morgan Stanley and UBS Investment Bank acted as lead managers on the deal.