Azul Linhas Aereas Brasilieiras SA founder and CEO David Neeleman decided to cancel the IPO of the air carrier last month due to unfavorable market conditions, Now, with the Brazilian economy on the rebound, he is open to re-doing the IPO of the firm.

According to Neeleman in an interview with CNBC, "The timing wasn't right. It was more of a market conditions issue and I think the market conditions in Brazil will rebound." He is the creative genius behind Jetblue Airways Corp.

Azul is the third biggest air carrier in the largest South American country in terms of market share. It had sought to do an IPO for a volume of BRL1 billion but scrapped the plan last August because of what it termed as 'unfavorable macroeconomic conditions.'

The value of the Brazilian real had dropped 10% against the US dollar, leading to an increase in prices of imports as well as jet fuel. Despite this, Neeleman wants to move forward with an IPO for Azul, which would be listed in both the Bovespa index and as American depositary receipts in the New York Stock Exchange.