Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) has closed its previously announced follow-on offering, which saw more than 40 million of its shareholders' shares to the value of USD362.3 million on offer. As this was a shareholders offering, it was non-dilutive, and also did not contribute any equity to the Brazilian carrier.

"None of the preferred shares (including in the form of ADSs) being sold in the global offering will be sold by Azul and Azul will not receive any proceeds from the global offering, except for reimbursement of certain expenses incurred by it in connection with the global offering," the airline was careful to stress in a media release.

Significant shareholders, such as HNA Group and United Airlines did not participate.

The global offering price was BRL27.96 (USD8.91) per preferred share and USD26.75 per American Depositary Share (ADS), each of which represented three preferred shares.

The follow-on comes after Azul's successful IPO in April this year, which was the carrier raise BRL2.021 billion (USD543 million). Similar to the initial offering, the follow-on appeared on both the Sao Paulo and New York exchanges.