Discovery Americas announces Global Initial Public Offering of Volaris

Publicado el 29/Septiembre/2013

Mexico City, September 29, 2013.- Discovery Americas announces the completion of the initial public offering of its portfolio holding, Controladora Vuela Compañia de Aviación, S.A.B. (“Volaris”), an ultra-low-cost airline based in Mexico; and a successful first week of trading.

On its first day of trading on September 18, 2013, Volaris ADS’ (Ticker: VLRS) rose approximately 16.8%, to close at $14.01.  Subsequently, the IPO’s underwriters exercised their overallotment option (the “Green Shoe”) to purchase approximately 43.3 million additional shares of Volaris.  During the first week of trading, Volaris ADS’ gained 21.1 %  (from the IPO price) to close at $14.53 (on Tuesday, September 24), which was the best 1 week performance among any of the Latin American IPOs completed in 2013 year to date.

“Volaris, the company that Discovery Americas and three other partners started with a little less than $200 million in equity capital, has a post-IPO market capitalization of approximately $1,470 million as of Tuesday’s close” said Harry Krensky, managing partner of Discovery Americas. “We are encouraged by the public markets reception to Volaris in its first week of trading.”

On  September 17, Volaris priced its initial public offering comprised of 61,992,540 Series A shares for the Mexican offering and 226,469,000 Ordinary Participation Certificates (CPOs) in the form on American Depositary Shares (ADSs) for the international offering at an initial offering price of Ps.15.51 per Series A share and U.S. $12.00 per ADS.  Shares will trade on the Mexican Stock Exchange (BMV) and the New York Stock Exchange (NYSE), under the symbols “VOLAR” and “VLRS”, respectively.  Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated and UBS Securities, LLC acted as international joint bookrunners.

On September 18, Volaris CEO Enrique Beltranena, joined by members of Discovery Americas, the Company’s other 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.

Discovery Americas has been part of Volaris since its inception.  Members of the Discovery Americas’ team originated the idea for Volaris; and worked alongside Volaris management (led by CEO Enrique Beltranena) and Roberto Kriete’s Blue Sky Investments to co-develop and co-manage its original strategy and business plan. Alongside these and other Volaris partners, including William Franke’s Indigo Partners and a group of prominent Mexican individuals (led by Pedro Aspe), Discovery Americas has played important roles in Volaris’ growth and development.  The Volaris Board of Directors includes Harry Krensky, Carlos Mendoza, Alberto Moreno and Dean Donovan.

Discovery Americas’ funds remain the largest shareholder of Volaris with over a 20% collective ownership position.  Among our funds,  Discovery Americas CKD (ticker ADMEXCK); Discovery Air Investments, LP; Discovery Americas I, LP and Copernicus Investors, LP;  and Discovery Americas II, LP and Galileo Investors, LP all invested in Volaris.

About Discovery Americas

Discovery Americas is a leading Mexican private equity firm that targets companies in domestically-oriented industries with high-growth potential, mainly focused on transportation, healthcare and education. Discovery America’s manages a series of investment vehicles including:  Discovery Air Investments, LP; Discovery Americas I, LP; Discovery Americas II, LP; Discovery Americas II, CKD (ticker ADMEXCK); Copernicus Investors, LP; and Galileo Investors, LP.  In addition to Volaris (, other private equity investments in Discovery Americas portfolio include: Lipu, the largest school and employee transportation company in Mexico ( ); IKE Asistencia, a leading provider of roadside and other assistance services in Latin America ( ); Fondo de Transporte México, a leading nationwide trucking and logistics company (; ); AMCO International, an innovator in research, development, and implementation of a unique K-12 educational model in Mexico, Spain and Latin America  ( ) and H+ABC, a joint venture involving Centro Medico ABC to build out a nationwide hospital chain ( For more information, go to