Azul seeks up to $532m in Brazil, US IPOs

Azul Linhas Aéreas Brasileiras wants to raise as much as US$532m in an IPO in Brazil and the US, the fourth attempt by Brazil's No. 3 commercial airline to list in public equity markets. Documents filed with the US Securities and Exchange Commission on Thursday showed Azul put out a suggested price range for its Brazil-traded shares between 19 reais and 23 reais, and between $18.02 and $21.81 for its American depositary shares. The company wants to sell up to 72m common shares, with a ratio of three Brazilian shares per ADS, according to the filing. The shares will be listed in the São Paulo Stock Exchange and the New York Stock Exchange, Azul said, without giving a exact timetable for the transaction. The IPO underscores the growing allure of Brazilian airlines among foreign investors as the government eases foreign ownership of carriers and the economy begins to show signs of emerging from a deep recession.<br/>