Brazilian airline Azul opened at $22 per share in its market debut on Tuesday, rising as much as 8 percent intraday.
The debut came as the allure of Brazilian airlines has grown among foreign investors. The government has eased foreign ownership of carriers and the economy begins to show signs of emerging from a deep recession.
The company raised 2.021 billion reals ($645 million) in a dual initial public offering in Sao Paulo and New York on Monday, as soaring investor demand led Brazil's No. 3 airline to boost the size of the deal by almost one-fifth.