Shearman & Sterling represented Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (“Volaris”) and certain selling shareholders of Volaris in its initial public offering of 260,439,380 Ordinary Participation Certificates (Certificados de Participación Ordinarios) in the form of American Depositary Shares in the United States, listed on the New York Stock Exchange, and other countries outside of Mexico. Concurrently with the international offering, Volaris and certain selling shareholders of Volaris offered 71,291,390 Series A shares in an initial public offering in Mexico, listed on the Mexican Stock Exchange. Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and UBS Securities LLC acted as representatives of the underwriters in the international offering. Volaris and the selling shareholders received net proceeds of $381,179,549 from the dual international and Mexican offerings.

This is the first SEC-registered Mexican IPO since Grupo Financiero Santander México’s $4.1 billion IPO last October, in which Shearman & Sterling served as underwriters’ counsel.

Volaris is an ultra-low-cost carrier, or ULCC, based in Mexico. Volaris utilizes its ULCC business model and efficient operations to offer low base fares and to stimulate demand while aiming to provide high quality customer service.

The Shearman & Sterling team included partner Antonia Stolper (New York-Capital Markets) and associates Grissel Mercado (New York-Capital Markets), Jeffrey Tate (Washington, DC-Tax), Leticia Olivera (New York-Litigation), James Park (New York-Capital Markets), Ethan Siller (Toronto-Capital Markets) and William Zhu (New York-Corporate Group).