Rumours are once again circulating about a possible IPO for Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos), this time in early 2017, according to confidential sources quoted by Bloomberg. ch-aviation has reported on Azul’s previous IPO attempts. The first plan to raise USD100 million in 2013 was scrapped due to adverse market conditions. The company had considered revisiting plans in early 2014 and early 2015, but these were also put on hold.

The same sources also suggested that one of Azul’s current shareholders may be looking to sell up. Gavea Investimentos, which is majority owned by JPMorgan Asset Management, has a 7.32% stake reportedly worth USD61.9 million (June 2016). The other shareholders, which include founder David Neeleman, HNA Group (23.7%), Weston Presidio (approx. 13%), TPG Growth (8.47%), and United Airlines (UA, Chicago O'Hare) (5%), plan to buy Gavea’s stake.

Whether it will be fourth time lucky for Neeleman is uncertain. Brazil’s economy has been in decline since 2011, although the last quarter recorded the lowest fall in GDP for a year. Analysts believe it could turn positive by the third quarter of 2017. Global economic watchdog, the Organisation for Economic Co-operation and Development (OECD), reports that “consumer and business confidence are rising and investment has strengthened”.