(Reuters) -Apollo-backed Grupo Aeromexico's shares rose 0.84% in their New York Stock Exchange debut on Thursday, valuing the Mexican airline at nearly $2.8 billion.

The debut coincides with a Trump administration crackdown on Mexican airlines over competition concerns, prompting investors to wait for regulatory clarity.

Shares of the company opened at $19.16 apiece, just above the $19 issue price.

Aeromexico and some of its existing shareholders sold 11.7 million American Depositary Shares (ADS) in an initial public offering on Thursday at the midpoint of its marketed range of $18 to $20, raising $222.8 million.

The listing comes as the IPO market rebounds following a slowdown triggered by U.S. President Donald Trump's shifting trade policies and market volatility.

A rally in equities and interest rate cuts by the U.S. Federal Reserve have boosted investor demand for fresh offerings, though a prolonged government shutdown has recently clogged the IPO pipeline.

Aeromexico is backed by alternative asset manager Apollo Global and U.S. carrier Delta.