Brazil’s Azul sets IPO price range

Azul is one step closer to seeing its initial public offering take flight.

The Brazilian airline, which has pulled plans to go public twice in recent years, has set a price range for its offering.

The company founded by former JetBlue chief executive David Neeleman said in a filing on Thursday that it planned to sell 72m shares of preferred shares at R$19-R$23 and American depositary receipts at between $18.02 and $21.81 apiece.

This will be Azul’s third attempt at going public. It first filed for an IPO in 2013 before withdrawing those plans 14 months later. It tried again in December 2014 only to scrap the plans again the following year.

Azul operates a fleet of 123 aircraft and said it was the largest airline in Brazil based on the number of departures and cities served, according to its prospectus.

Sales climbed 7 per cent in 2016 to R$6.7bn and the group’s net loss narrowed to R$126m from R$1.07bn a year prior.

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