Controladora Vuela Compañia de Aviación (Volaris), a Mexico-based low-cost airline backed by private equity fund manager Discovery Americas, has completed an initial public offering on the Mexican Stock Exchange and the New York Stock Exchange. During the first week of trading, Volaris' American depositary shares gained 21.1 percent from the IPO price to close at $14.53 on Tuesday, 24 September. Discovery Americas’ funds remain the largest shareholders of Volaris with over a 20 percent collective ownership position. Discovery Americas’ funds invested in Volaris include: Discovery Americas CKD; Discovery Air Investments; Discovery Americas I and Copernicus Investors; and Discovery Americas II and Galileo Investors.