Group 1 - Grupo Aeroméxico S.A.B. de C.V. will hold a live conference call and webcast on November 12, 2025, at 10:00 a.m. Mexico City Time to discuss its third quarter 2025 financial results [1] - The third quarter 2025 earnings results will be released after the market closes on November 11, 2025 [2]

Core Insights - Three companies, Evommune, BillionToOne, and Grupo Aeroméxico, went public on November 6, raising a total of $646 million, averaging approximately $215 million per company [1] Group 1: Evommune (EVMN) - Evommune opened at $17.25, a 7.25% increase from the offering price, and closed at $20.23, marking a 26.44% rise with a total market capitalization of $608 million [2][5] - The company issued 9.38 million shares at an offering price of $16, raising $150 million [5] - Evommune focuses on innovative therapies for immune-mediated inflammatory mechanisms, projecting $3 million in revenue and a net loss of $28.12 million for the first half of 2025 [5] Group 2: BillionToOne (BLLN) - BillionToOne opened at $100, a 66.67% increase from the offering price, and closed at $108.94, reflecting an 81.57% gain with a total market capitalization of $4.795 billion [6][9] - The company issued 4.55 million shares at an offering price of $60, raising $273 million [9] - BillionToOne specializes in molecular diagnostics, developing prenatal and oncology diagnostic products through its single-molecule next-generation sequencing (smNGS) platform, with projected revenue of $126 million and a net loss of $4.23 million for the first half of 2025 [9] Group 3: Grupo Aeroméxico (AERO) - Grupo Aeroméxico opened at $19.16, a slight increase of 0.84%, and closed at $20.35, resulting in a 7.11% rise with a total market capitalization of $2.969 billion [9][11] - The company issued 11.73 million shares at an offering price of $19, raising $223 million [11] - Grupo Aeroméxico provides domestic and international flight services, covering 22 countries and 52 international cities, with projected revenue of $2.498 billion and a net profit of $89.97 million for the first half of 2025 [11]

Core Insights - Grupo Aeromexico reported a total of 1,994 thousand passengers in October 2025, reflecting a 2.3% decrease year-over-year. International passengers increased by 5.4%, while domestic passengers decreased by 5.7% [6] - The airline's total capacity, measured in available seat miles (ASMs), decreased by 1.2% year-over-year, with international ASMs increasing by 2.2% and domestic ASMs decreasing by 8.1% [6] - Demand, measured in revenue passenger miles (RPMs), increased by 0.7% year-over-year, with international demand rising by 4.1% and domestic demand falling by 6.6% [6] - Aeromexico's load factor for October 2025 was 87.1%, a 1.6 percentage point increase compared to October 2024, with international load factor increasing by 1.6 percentage points and domestic load factor increasing by 1.3 percentage points [6] Passenger Statistics - Domestic passengers in October 2025 totaled 1,339 thousand, down from 1,420 thousand in October 2024, marking a 5.7% decline [2] - International passengers reached 655 thousand in October 2025, up from 621 thousand in October 2024, representing a 5.4% increase [2] - Cumulatively, domestic passengers for the year to date were 13,473 thousand, down 6.3% from 14,379 thousand in the same period of 2024 [2] Capacity and Demand Metrics - Total ASMs for October 2025 were 2,891 million, a decrease of 1.2% from 2,926 million in October 2024 [2] - Domestic ASMs were 879 million, down 8.1% from 956 million in October 2024, while international ASMs increased to 2,012 million, up 2.2% from 1,969 million [2] - Total RPMs for October 2025 were 2,517 million, a slight increase of 0.7% from 2,501 million in October 2024 [2] Load Factor Analysis - The load factor for domestic flights was 84.9% in October 2025, an increase of 1.3 percentage points from 83.5% in October 2024 [2] - The international load factor was 88.1%, up 1.6 percentage points from 86.4% in October 2024 [2] - The overall load factor for the airline was 87.1%, reflecting a 1.6 percentage point increase compared to 85.5% in October 2024 [2]

Core Viewpoint - Mexican airline Aeroméxico (AERO.US) has successfully launched its IPO on the U.S. stock market, with shares rising over 2.8% to $19.54, following an IPO price of $19 [1] Company Overview - Aeroméxico operates a wide range of services, including domestic routes and international flights to the U.S., Latin America, the Caribbean, Europe, and Asia [1] - The company filed for U.S. bankruptcy protection in 2020 due to the impact of the COVID-19 pandemic and completed its restructuring to exit bankruptcy in 2022 [1]

Core Viewpoint - Mexican airline Aeroméxico (AERO.US) has successfully launched its IPO on the US stock market, with shares rising over 2.8% to $19.54, above the IPO price of $19 [1] Company Overview - Aeroméxico operates domestic routes as well as international flights to the US, Latin America, the Caribbean, Europe, and Asia [1] - The company filed for bankruptcy protection in the US in 2020 due to the impact of the COVID-19 pandemic and completed its restructuring to exit bankruptcy in 2022 [1]

Core Insights - Apollo-backed Grupo Aeromexico's shares rose 0.84% in their New York Stock Exchange debut, indicating positive market reception [1] - The valuation of the Mexican airline reached nearly $2.8 billion following the debut [1] Company Summary - Grupo Aeromexico is backed by Apollo, a significant investment firm, which may enhance investor confidence [1] - The airline's successful debut on the New York Stock Exchange reflects a growing interest in the aviation sector [1] Industry Context - The rise in shares suggests a potential recovery or growth trend in the airline industry, particularly for companies with strong backing [1] - The valuation of nearly $2.8 billion positions Grupo Aeromexico as a notable player in the Mexican aviation market [1]

Core Insights - Grupo Aeromexico, backed by Apollo, successfully raised $222.8 million in its U.S. initial public offering, marking a significant milestone for the airline [1] Company Summary - The IPO represents a public market comeback for Grupo Aeromexico nearly four years after the company emerged from bankruptcy [1]

Core Viewpoint - The Trump administration is seeking to block Delta Air Lines and Aeromexico from pausing a directive that requires them to dismantle their joint venture, which allows for coordinated operations between the two airlines [1] Group 1: Regulatory Actions - The U.S. appeals court is being asked to reject the airlines' request to halt the order [1] - The joint venture in question enables Delta and Aeromexico to coordinate on pricing and scheduling, which has raised regulatory concerns [1] Group 2: Industry Impact - The outcome of this legal battle could significantly affect the competitive landscape in the airline industry, particularly in routes between the U.S. and Mexico [1] - If the joint venture is dismantled, it may lead to increased competition and potentially lower fares for consumers [1]

Core Insights - Eight new stocks were listed last week, including one direct listing company, raising significant capital across various sectors [1][2][3]. Group 1: Recent IPOs - MapLight Therapeutics (MPLT) raised $251 million by issuing 14.75 million shares at $17 each [1]. - Navan (NAVN) raised $923 million by issuing 36.92 million shares at $25 each [1]. - Boyd Group Services (BGSI) raised $780 million by issuing 5.5 million shares at $141 each [2]. - Nomadar (NOMA) entered Nasdaq through a direct listing [3]. Group 2: Upcoming IPOs - BETA Technologies, Inc. plans to list on NYSE with a target date of November 4, 2025, aiming to raise approximately $825 million by issuing 25 million shares at $27 to $33 each. The company reported revenue of $15.57 million in the first half of 2025, up from $7.59 million in the same period last year, with a net loss of $159 million [4][6]. - Exzeo Group, Inc. plans to list on NYSE on November 5, 2025, aiming to raise about $176 million by issuing 8 million shares at $20 to $22 each. The company reported revenue of $109 million in the first half of 2025, up from $60.31 million year-over-year, with a net profit of $39.61 million [6][8]. - Evommune, Inc. plans to list on NYSE on November 6, 2025, aiming to raise approximately $159 million by issuing 9.38 million shares at $15 to $17 each. The company reported revenue of $3 million in the first half of 2025, down from $7 million year-over-year, with a net loss of $28.12 million [10]. - Grupo Aeroméxico, S.A.B. de C.V. plans to list on NYSE on November 6, 2025, aiming to raise about $235 million by issuing 11.73 million shares at $18 to $20 each. The company reported revenue of $2.498 billion in the first half of 2025, down from $2.695 billion year-over-year, with a net profit of $89.97 million [12]. - BillionToOne, Inc. plans to list on NASDAQ on November 6, 2025, aiming to raise approximately $212 million by issuing 3.85 million shares at $49 to $55 each. The company reported revenue of $126 million in the first half of 2025, up from $69.09 million year-over-year, with a net loss of $4.23 million [14]. - Off The Hook YS Inc. plans to list on NYSE MKT on November 7, 2025, aiming to raise about $30 million by issuing 5 million shares at $4 to $6 each. The company reported revenue of $58.59 million in the first half of 2025, up from $51.85 million year-over-year, with a net profit of $840,000 [16].

Core Viewpoint - Delta Air Lines and Aeromexico are seeking to halt a Trump administration order that mandates the termination of their joint venture focused on pricing and capacity setting [2] Group 1: Company Actions - Delta Air Lines and Aeromexico have filed a request with a U.S. appeals court to block the enforcement of the order from the Trump administration [2] - The joint venture between Delta Air Lines and Aeromexico is significant for their pricing and capacity strategies [2] Group 2: Regulatory Context - The request to stop the order comes in response to actions taken by the U.S. Department of Justice [2]