Sun Country Airlines on Wednesday will become a public company, a takeoff that seemed quite unlikely for much of the plucky Minnesota airline’s 40-year history.
The company priced its initial public offering at $24 a share Tuesday evening. It will raise around $218 million when its shares begin trading on Wednesday.
That price is above the $21-$23 range Sun Country proposed as it marketed the stock over the past month. It is also the first IPO for a Minnesota-based company in 2021.
Sun Country, based at Minneapolis-St. Paul International Airport (MSP), will trade on the Nasdaq under the symbol “SNCY.” Executives said they will use the proceeds from the listing to repay a pandemic-related government loan and general corporate purposes.
“I am excited they are at this stage in their development,” said Stan Gadek, who served as Sun Country’s CEO from 2008 to 2013. “It’s a natural step in their evolution to a bigger carrier — a viable carrier.”
The listing is the climax of a tale of survival and growth for an airline started by former Braniff Airways pilots and flight attendants in 1983. Under multiple owners over the decades, Sun Country swung between operating as a charter carrier and a commercial airline.
Since Jude Bricker became its chief executive in 2017, the airline solidified as a hybrid operator and significantly expanded a contract cargo business.
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Read More:Sun Country’s next takeoff is on the stock market
2021-03-17 01:10:33
