Grupo Aeroméxico's IPO

Overview of Grupo Aeroméxico's IPO

Grupo Aeroméxico, S.A.B. de C.V., Mexico's flagship airline and the country's only full-service carrier offering long-haul wide-body flights, is preparing for a dual listing on the New York Stock Exchange (NYSE) and the Mexican Stock Exchange (Bolsa Mexicana de Valores, BMV). This marks the airline's return to public markets after delisting in 2022 following its emergence from Chapter 11 bankruptcy protection amid the COVID-19 crisis. The IPO process began with an initial SEC filing in May 2024, followed by a registration statement in September 2025, and terms were unveiled in mid-October 2025.
The offering is backed by major investors, including Apollo Global Management (a key shareholder post-restructuring) and Delta Air Lines (which holds a 20% stake and has agreed to a four-year lockup on its shares). Aeroméxico, founded in 1934 and a co-founder of the SkyTeam alliance, operates flights to every major Mexican city and 52 international destinations across 22 countries, with a focus on high-demand leisure routes like Cancun and Puerto Vallarta.Key IPO Details

Aspect	Details
Ticker Symbol	AERO (NYSE for American Depositary Shares/ADS; BMV for ordinary shares)
Shares Offered	- U.S.: 11.73 million ADS (each representing 10 ordinary shares) - Company: 7.39 million ADS (primary) - Selling shareholders: 4.33 million ADS (secondary) - Mexico: 7 million new shares + 20.46 million from selling shareholders
Price Range	$18–$20 per ADS
Expected Proceeds	- U.S. IPO: $223–$234 million (midpoint: $222.8 million) - Total with private placement: Up to $314 million (includes $25 million from PAR Investment Partners at a 5% discount to IPO price)
Valuation Target	Up to $2.92 billion (fully diluted)
Underwriters	Joint book-runners: Barclays, Morgan Stanley, J.P. Morgan, Evercore ISI Other book-runners: Apollo Global Securities, Citigroup, Deutsche Bank Securities, Goldman Sachs, BNP Paribas, BTG Pactual, Santander
Expected Timeline	- Roadshow: Late October 2025 - Pricing: Potentially week of October 28, 2025 - Trading start: Shortly after pricing (exact date TBD)
Use of Proceeds	Primarily for general corporate purposes, including debt repayment and fleet expansion; secondary shares benefit selling shareholders

Financial Highlights (Trailing 12 Months Ended June 30, 2025)Aeroméxico reported strong post-restructuring performance, driven by robust demand in the Mexico-U.S. transborder market and leisure travel:

• Revenue: $5.42 billion
• Net Income: $360.8 million
• Market Share: 36.3% of total passengers to/from/within Mexico (per Mexico's Federal Aviation Agency)
• Fleet: Operates ~140 aircraft, with plans for growth in wide-body international routes.

Market Context and RisksThis IPO follows LATAM Airlines' $456 million NYSE relisting in July 2024, signaling recovery in Latin American aviation. Mexico's 2.8% GDP growth in 2025 and rising tourism support demand, but investors should note risks like fuel price volatility, geopolitical tensions affecting travel, and currency fluctuations (peso vs. USD). The dual U.S.-Mexico structure aims to attract global capital while relisting locally.

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Kodiak AI (KDK) began trading on the Nasdaq on Thur 25 Sept 25

Kodiak Robotics, Inc. builds and operates self-driving trucks. The company delivers freight for its customers between Dallas-Fort Worth and Houston. It offers solutions in the areas of updating automated drivers, a network of transfer points facilitates, and fleet management tools. 

• Sector: Industrials
• Industry: Farm & Heavy Construction Machinery
• Founder and CEO Don Burnette
• Incorporated in 2018 
• HQ based in Mountain View, California, with an operations center in Lancaster, Texas
• https://kodiak.ai

Kodiak AI (KDK) began publicly trading on the Nasdaq via a SPAC deal (Special Purpose Acquisition Company). Autonomous trucking startup Kodiak Robotics merged with Ares Acquisition Corp. II (AACT) to form the new company.

 

2 Oct 25 

 

Kodiak was founded in 2018 by industry veteran, Don Burnette, with a vision of becoming the trusted world leader in autonomous ground transportation dedicated to commercializing driverless trucking at scale. In 2024, we believe Kodiak became the first company to announce delivery of a driverless trucking product to a customer.
 

===Leap Therapeutics (LPTX) : $58.9 million private placement led by Winklevoss Capital

Oct 06: Leap Therapeutics announces $58.9 million private placement led by Winklevoss Capital and files SEC disclosure, initiating a digital asset treasury strategy.

 

Confluent (CFLT) : 4-year performance

Confluent, Inc. engages in creating a data infrastructure platform focused on data in motion. The firm provides application architecture engagement, multi data center, security and upgrade engagement, and Amazon web services cloud deployment services. Its products include Confluent Cloud, Confluent Platform, WarpStream BYOC, Connectors, Flink, Stream Governance, and Confluent Hub. 

The company was formerly known as Infinitem, Inc. and changed its name to Confluent, Inc. in September 2014. 

• Founded by Edward Jay Kreps, Neha Narkhede, and Jun Rao in 2014
• Headquartered in Mountain View, California
• Sector: Technology
• Industry: Software - Infrastructure
• Full Time Employees: 3,060
• Website:  confluent.io
• Ticker: CFLT

 

===OneMedNet (ONMD) announces major partnership with Palantir (PLTR) to advance healthcare AI and data analytics.

 

OneMedNet (ONMD) selects Palantir to advance healthcare AI and data analytics

Palantir's Artificial Intelligence Platform will provide the infrastructure for OneMedNet's iRWD near real-time AI powered provider network ('network') enabling OneMedNet to empower life sciences, medical device, and research organizations with anonymized, regulatory-grade clinical data and advanced analytics to accelerate the development of cutting-edge medical solutions efficiently.

==Trinseo (TSE) suspends quarterly dividend

 

Trinseo suspends quarterly dividend, expects $1.5 million in annual savings

Trinseo PLC (NYSE:TSE) announced Friday that its board of directors has voted to indefinitely suspend the company’s quarterly dividend of $0.01 per share. According to a statement in the company’s U.S. Securities and Exchange Commission filing, the suspension is expected to result in annual savings of approximately $1.5 million.

The decision was disclosed under Regulation FD Disclosure in a Form 8-K submitted to the SEC. The filing did not provide additional details regarding the timing or rationale for the suspension.

Trinseo, incorporated in Ireland and headquartered in Wayne, Pennsylvania, is listed on the New York Stock Exchange. 

In other recent news, Trinseo SA reported its earnings for the second quarter of 2025, revealing a significant earnings miss. The company posted an earnings per share (EPS) of -$2.12, which fell short of the forecasted -$1.52, representing a 39.47% negative surprise. Despite the earnings miss, Trinseo’s revenue slightly exceeded expectations, coming in at $784 million compared to the projected $765 million. 

Alto Neuroscience (ANRO) receives FDA Fast Track designation for ALTO-101 for the treatment of cognitive impairment associated with schizophrenia

IPO:  Feb 02, 2024; Alto Neuroscience (ANRO) priced 8.04 mln share (upsized from 6.7 mln shares) IPO at $16.00 per share, at the high end of the $14-16 expected range

Ticker: ANRO

 

 

 

 

 

 

Alto Neuroscience receives FDA Fast Track designation for ALTO-101 for the treatment of cognitive impairment associated with schizophrenia

• The FDA has granted Fast Track designation to ALTO-101 for the treatment of cognitive impairment associated with schizophrenia (CIAS). There are currently no approved treatments for CIAS, a core feature of schizophrenia that severely impacts daily functioning and quality of life for millions of patients. Fast Track designation is an FDA process designed to facilitate the development and expedite the review of drugs intended to treat serious conditions and fill an unmet medical need. A drug that receives Fast Track designation may be eligible for more frequent meetings with the FDA to discuss the drug's development plan, as well as eligibility for accelerated approval and priority review, if relevant criteria are met.
• Enrollment remains ongoing in a Phase 2 proof-of-concept study of ALTO-101 in patients with CIAS.

==Fermi America (FRMI) began trading on the Nasdaq on Wed 1 Oct 25

 

Founded by Rick Perry, Toby Neugebauer and Griffin Perry on January 10, 2025

Headquartered in Amrillo, TX.

Opened at $25 after pricing upsized 32.5 mln share IPO at $21, towards the high end of the $18-$22 expected price range

Fermi America provides IPO market with a jolt as advanced energy and hyperscaler development company storms out of the gate 

• Fermi America's (FRMI) IPO drew strong demand as the upsized 32.5 mln share deal (from 25.0 mln) priced at $21, towards the upper end of the $18-$22 expected price range. The strong pricing carried over into the public market where FRMI opened for trading at $25 -- good for a 19% opening pop -- with shares currently trading near $26.
• The company is a Texas-based data center real estate investment trust (REIT) co-founded by former U.S. Energy Secretary Rick Perry. FRMI aims to develop "Project Matador," a massive energy and data center complex in Amarillo, Texas, designed to deliver up to 11 gigawatts of power by 2038 using nuclear, natural gas, solar, and battery storage. This initiative is poised to support the growing demand for AI infrastructure.
• Despite being founded in January 2025 and reporting a $6.4 mln loss through June 30, 2025, with no revenue, FRMI's IPO raised $682.5 mln in proceeds.
• Investor interest was driven by the company's strategic focus on AI infrastructure, the potential for long-term growth in this sector, and its REIT structure offering potential dividends.

Phoenix Education Partners (PXED) IPO overview

Phoenix Education Partners, Inc. (formerly AP VIII Queso Holdings, L.P.), the parent company of the University of Phoenix—a major provider of online higher education programs for working adults—launched its initial public offering (IPO) on September 30, 2025. The company, backed by private equity firms Apollo Global Management and Vistria Group, was taken private in a $1.1 billion deal in 2017 and is now returning to public markets after more than eight years. As of October 1, 2025, the IPO is in the pricing phase, with trading expected to begin soon on the New York Stock Exchange (NYSE) under the ticker symbol PXED. No new capital will go directly to the company; all proceeds will go to selling shareholders, primarily Apollo and Vistria.Key IPO Details

Aspect	Details
Shares Offered	4,250,000 shares of common stock (all by existing shareholders).
Overallotment Option	Underwriters have a 30-day option to purchase up to 637,500 additional shares.
Expected Price Range	$31.00–$33.00 per share.
Potential Proceeds	Up to $140.3 million (before underwriting discounts).
Valuation Target	Up to $1.17–$1.2 billion (fully diluted).
Lead Underwriters	Morgan Stanley, Goldman Sachs, BMO Capital Markets, Jefferies.
Dividend Plans	Quarterly cash dividend of approximately $0.84 per share post-IPO.
Shareholder Sales	Apollo selling ~3.55 million shares; Vistria ~0.7 million shares. Apollo will retain majority voting control.

Financial Snapshot

• Recent Performance (nine months ended May 31, 2025): Revenue of $750 million (up from $710 million year-over-year); net income of $118 million (up from $105 million).
• Trailing 12-Month Revenue: ~$990 million.
• Valuation Multiple: ~1.2x revenue, comparable to peers like Grand Canyon Education.
• The company has focused on streamlining operations, exiting non-core programs, and divesting international assets since going private. A proposed $550 million sale to a University of Idaho-affiliated nonprofit fell through earlier in 2025.

Background and ContextFounded in 1976, the University of Phoenix specializes in flexible, online undergraduate, graduate, certificate, and non-degree programs. It operates in a competitive for-profit online education sector, facing challenges like enrollment declines and regulatory scrutiny but benefiting from post-pandemic demand for accessible learning. The IPO aligns with a broader resurgence in private equity-backed listings amid favorable U.S. market conditions.For the latest updates, including final pricing or roadshow details, check the SEC filing or NYSE listings. This is not investment advice—consult a financial advisor for personalized guidance.