Private equity-backed Brazilian airline Azul Linhas Aéreas Brasileiras is believed to be targeting BRL1.1bn ($536m) from an IPO as it looks to increase the size of its fleet.
The company, which is part-owned by TPG Capital and Brazilian investment house Gávea Investimentos, plans to wrap up the share sale by July according to newspaper Valor Economico.
Azul, a low-cost airline launched by JetBlue Airways founder David Neeleman in 2008, will look to sell preferred shares only, Valor said.
TPG was founded to buy US-based Continental Airlines in the early 1990s, and had made a 55 per cent IRR on its investment by 1998.
Earlier this year Gávea reportedly raised BRL$1bn ($503m) for a credit fund to help smaller companies in the country gain access to finance.
The fund will be used to buy debt securities according to Valor, which cited people familiar with the matter.
It said Gávea had launched the fund amid a situation where many Brazilian SMEs are struggling to gain access to capital markets, and so pay dearly for financing.
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