The Santiago, Chile-based airline could raise more than US$533 million for its selling shareholders if it sold shares at a price close to their last close on the Chilean stock exchanges, where they are already listed.

LATAM Airlines is preparing to list its shares on the New York Stock Exchange, in a move that could give it a valuation of $8.5 billion, the company said Thursday.

The Santiago, Chile-based airline could raise more than US$533 million for its selling shareholders if it sold shares at a price close to their last close on the Chilean stock exchanges, where they are already listed.

Companies based outside the United States often look to list in New York to obtain a richer valuation and access a deeper pool of capital.

LATAM Airlines' IPO, however, would come at a time when shares of some newly listed companies have stumbled, undermining the recovery in initial public offerings (IPOs) seen this year.

The company traces its origins to 1929 and has a significant presence in South America, including Santiago and Sao Paulo.

It went bankrupt in 2020 when the COVID-19 pandemic hit travel demand, but emerged from bankruptcy two years later.

The company's shareholders plan to sell 19 million American Depositary Shares (ADS), which would trade under the symbol "LTM." You would not receive any proceeds from the sale of shares.

Goldman Sachs, Barclays and JP Morgan are the global coordinators of the listing, the company revealed.