Mexico’s Volaris, an ultra-low-cost airline, opened for trading today on the New York Stock Exchange (NYSE) under the ticker symbol “VLRS” after an initial public offering of ADRs. GETCO is the Designated Market Maker (DMM) for the company’s stock.
Volaris CEO Enrique Beltranena in the center of the trading crowd as Volaris' stock opens on the NYSE. (Source: NYSE Euronext photo)
Volaris CEO Enrique Beltranena, joined by members of the Company’s shareholders and management team, celebrated the company’s first day of trading by ringing The Opening Bell® and visiting the NYSE trading floor to witness the stock opening.
"We’re delighted to welcome Volaris to the NYSE,” said Scott Cutler, Executive Vice President, Head of Global Listings, NYSE Euronext. “Volaris is one of the largest airlines in Mexico and an excellent addition to the NYSE’s community of leading global companies. We congratulate Volaris on its IPO and look forward to a lasting partnership with the company and its shareholders.”
“The initial public offering of Volaris marks another significant milestone for this structurally unique airline,” said Enrique Beltranena, Chief Executive Officer of Volaris. “Our revenue strategy is based on incentivizing demand by offering low fares and a diversified set of optional products and services for our clients. And by maximizing the utilization of our assets and with labor contracts that include productivity and other variables, we have been able to achieve the lowest unit cost position of any publicly traded airline in Latin America. We are thankful for the support of our very well chosen bank syndicate and the NYSE which together with our shareholders have supported the company to achieve a successful public offering.”Volaris is the first Mexican company to list its IPO on the NYSE in 2013, and the second to list from the Latin American region so far this year. NYSE is the leading destination for Latin American companies listing outside their home market. The NYSE currently lists 78 companies from Latin America, with a combined market valuation of approximately $1.2 trillion.