LATAM Airlines has launched a re-IPO
July 2024 — A group of LATAM’s main shareholders, who entered the equity as part of the Chapter 11 exit, sold 6.3% of their stake through a US book-building underwriting process. This transaction marks the reopening of the American depository receipt (ADR) program and positions LATAM Airlines as one of the most liquid stocks in Chile. The market anticipates this as the first in a series of transactions that will enable this group of main shareholders to exit their investment.
LATAM Airlines Group S.A. is the leading airline group in Latin America, with a presence in five domestic markets: Brazil, Chile, Colombia, Ecuador and Peru. It also operates internationally within Latin America and to Europe, Oceania, Africa, the USA and the Caribbean.
Our role in the transaction
Oaklins’ team in Chile acted as the joint bookrunner in the underwriting of LATAM Airlines’ re-IPO, raising US$96 million from institutional investors, excluding large pension funds. The team also played a key role in after-market trading. In the week following the transaction, they accounted for 49% of the total value traded, compared to 27% in the previous weeks.
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