Brazil's Azul files for US IPO

Azul, the Brazilian airline led by JetBlue Airways founder David Neeleman, filed for an IPO in the US, following at least two previous delays because of slumping Brazilian stocks. The Sao Paulo-based airline filed Monday for a $100m IPO, a placeholder amount used to calculate fees that may change. Proceeds from the offering will be used to repay debt and for general corporate purposes, according to a filing with the US Securities and Exchange Commission. Brazilians are anticipating an economic recovery in 2017 after the country’s deepest recession on record, the impeachment of President Dilma Rousseff and a corruption scandal that has lasted almost three years. In June, Azul Linhas Aereas Brasileiras, Brazil’s third-biggest airline by passengers, said it was studying another reduction to its fleet as air-travel demand shrank to the lowest in five years. The country’s aviation industry contracted 5.5% last year, according to Abear, the Brazilian airline association. The airline plans to list American depositary shares on the New York Stock Exchange and preferred shares in Brazil. <br/>