News

Sun Country Airlines’ IPO prices above the expected range, to value company at more than $1.3 billion

Sun Country Airlines Holdings Inc.’s stock
SCNY,
+0.12%

is set to start trading Wednesday, after the Minneapolis-based low-cost air carrier said overnight that its initial public offering priced at $24, to value the company at $1.34 billion. That was above the expected range of between $21 and $23 a share. The company sold 9.09 million shares in the IPO to raise $218.2 million. The stock is expected to begin trading on the Nasdaq on Wednesday under the ticker symbol “SNCY.” Barclays, Morgan Stanley and Deutsche Bank Securities are the lead underwriters. The company had recorded a net loss of $3.9 million on revenue of $401.5 million in 2020, after net income of $46.1 million on revenue of $701.4 million in 2019. The company is going public at a time that the Renaissance IPO ETF
IPO,
-1.92%

has slipped 2.4% over the past three months while the S&P 500
SPX,
-0.16%

has gained 6.5%.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News