The Sun Country Airlines Boeing 737 will take off from Los Angeles International Airport on August 27, 2020.
AaronP / Bauer-Griffin | GC Images | Getty Images
Sun Country Airlines began trading Wednesday after the low-cost airline announced that it raised an estimated $ 218 million in an IPO. A betting trip will continue to recover.
The low-cost airline, backed by the Apollo Management Group, is the first US airline to go public since the regional airline Mesa Air Group in 2018. It sold nearly 9.1 million shares at a price of $ 24, the airline said late Tuesday. Last week, the Minneapolis-based airline announced that it would expect an exchange rate between $ 21 and $ 23.
Sun Country is aimed at sun-seeking vacationers, a segment that has outperformed larger airlines during the Covid pandemic, whose large international networks and business models are heavily reliant on business travel. Sun Country also has an agreement with Amazon to fly cargo in older, narrow-body Boeing 737 aircraft.
Sun Country was still affected by the crisis. According to the company, the loss last year was $ 3.9 million after net income of $ 46 million last year. Revenue last year declined from $ 701 million in 2019 to $ 401.5 million.
The shares are expected to trade under the symbol “SNCY” on the Nasdaq Global Select Market. The discount airline Frontier Airlines is reviving its plans to go public, as it said last week.
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