(Reuters) -Grupo Aeroméxico is targeting a valuation of up to $2.92 billion in its initial public offering in the U.S., the Mexican airline said on Friday.

Mexico City-based Aeroméxico and some of its existing shareholders are seeking up to $234.5 million by offering 11.7 million American Depositary Shares priced between $18 and $20 each.

Mature companies often seek a return to public markets after a successful reorganization under bankruptcy.

Barclays, Morgan Stanley, J.P. Morgan and Evercore are the joint lead book-running managers. Aeroméxico plans to list on the New York Stock Exchange under the symbol "AERO."