Avianca Holdings SA plunged on its first day of trading in New York after the Colombian airline sold $408.5 million of shares below its target range as part of a plan to raise funds to buy planes and expand routes.
Avianca’s American depositary receipts, each representing eight of the company’s shares, fell 6.7 percent to $14 at the close in New York. The Colombian-traded shares fell 13 percent to 3,440 pesos, the biggest drop since the company held an initial public offering in Bogota in May 2011.
