Azul Linhas Aéreas Brasileiras (AD, São Paulo Viracopos) has announced that it has commenced an Initial Public Offering (IPO) with a total of 72 million preferred shares being offered through the New York Stock Exchange (NYSE) and the São Paulo Stock Exchange (BM&FBOVESPA).

In a statement, the Brazilian LCC said that of the 72 million preferred shares on offer, it was disposing of 63 million with certain shareholders offering the remaining 9 million.

The sale involves an offering of preferred shares in Brazil by Brazilian underwriters, alongside a concurrent international offering of preferred shares, including American Depositary Shares, or ADSs, in the United States and elsewhere outside of Brazil by the IPO's international underwriters. Each ADS represents three preferred shares.

Azul estimates that the IPO price will be between BRL19-23 per preferred share and between USD18.02 and USD21.81 per ADS.

Launched in 2008 by JetBlue Airways (B6, New York JFK) founder David Neeleman, Azul has made repeated attempts to go public since 2013. According to Reuters, the firm's previous attempts were abandoned owing to adverse market conditions.