Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) is planning to raise USD500million (BRL1billion) via an IPO to aide in fleet expansion plans, the airline has confirmed. Since launching in 2008, Azul has had a tough time financially with a loss of BRL105million in 2011 followed by a BRL170.8million loss in 2012. Despite this, it has gone on to become Brazil's third largest carrier holding a 15% market share behind that of TAM Linhas Aéreas (São Paulo Congonhas) and GOL Linhas Aéreas Inteligentes (G3, São Paulo Congonhas). Owned by David Neeleman of JetBlue Airways (B6, New York JFK) fame, Azul operates a mixture of seventy ATR - Avions de Transport Régional (EVX, Toulouse Blagnac) and Embraer (EMB, São José dos Campos U.E. Stumpf International) aircraft on routes that extend throughout Brazil.