Avianca plans US stock offering

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Latin American airline group Avianca plans to list on the New York stock exchange as it prepares a public offering of American depositary shares.

The Star Alliance carrier, now listed on the Colombian stock exchange, is looking at filing the offering with the US Securities and Exchange Commission (SEC), says Colombia's finance regulator Superintendencia Financiera in a statement.

Avianca is now in the process of acquiring the necessary approvals for the offering and will inform the market once it files with the SEC, adds the regulator.

An Avianca spokeswoman confirms the airline's plan for a public offering in the USA, but was not able to provide additional details.

Reports say the airline plans to sell between $400 and $500 million worth of shares in the US offering.

Avianca posted a second quarter operating profit of $35.3 million, with operating revenue of $1.1 billion.