Aeromexico plans to go public again in the second half of 2023 or in 2024, the airline's chief executive said on Monday, stressing the carrier was eyeing a New York exchange this time, having previously listed in Mexico. Chief Executive Andres Conesa said Aeromexico had yet to decide whether it would list on the New York Stock Exchange or NASDAQ. "(Listing in New York) gives you access to financing that's fundamental for a company, particularly an airline," Conesa told journalists at Mexico's annual tourism conference. "It's best to have as many lines of financing as possible," he added.
Aeromexico shareholders had approved the carrier's exit from Mexico's main stock exchange last year, following the end of its Chapter 11 bankruptcy proceedings. The move, detailed in the proceedings, is also tied with a $5 billion investment in renewing Aeromexico's fleet. Conesa also said the airline expected to finish the year with more than 150 aircraft. Of that, around a third are Boeing 737MAXs, Conesa added.
"We've received 50 new aircraft (since the COVID-19 pandemic began), and none of those planes can fly to the United States," Conesa said. Mexico was downgraded by the Federal Aviation Administration (FAA) in May 2021 out of safety concerns to the Category 2 aviation rating, meaning Mexican airlines cannot open new routes to the U.S. The new aircraft also cannot be certified to fly to the U.S. as a consequence.
Conesa said he hoped Mexico recovered the rating "soon" but did not specify further. Aeromexico's vice president of sales, Giancarlo Mulinelli, told Reuters the recovery was "close," but also did not mention a date. Competitor airline Volaris' top executive said in February the carrier was "optimistic" that Mexico's recovery of the Category 1 safety rating could come in the next six months.