Sun Country Airlines raises $218 million in industry’s first IPO since 2018 as U.S. carriers eye recovery

Sun Country Airlines Boeing 737 takes off from Los Angeles International Airport on August 27, 2020.

AaronP/Bauer-Griffin | GC Images | Getty Images

Sun Country Airlines begins buying and selling Wednesday after the price range provider stated it estimates it raised $218 million in an preliminary public providing, a guess journey will proceed to rebound.

The Apollo Management Group-backed, low-cost airline is the first U.S. provider to go public since regional provider Mesa Air Group in 2018. It bought near 9.1 million shares, which priced at $24, the provider stated late Tuesday. Last week, the Minneapolis-based airline stated it anticipated the shares to cost between $21 and $23.

Sun Country caters to sun-seeking vacationers, a section that has fared higher throughout the Covid pandemic in contrast with bigger airways whose massive worldwide networks and enterprise fashions rely closely on company journey. Sun Country additionally has an settlement with Amazon to fly cargo on older narrow-body Boeing 737 planes.

Sun Country was nonetheless impacted by the disaster. It swung to a $3.9 million loss final 12 months from web earnings of $46 million the earlier 12 months, in line with firm filings. Revenue final 12 months fell to $401.5 million from $701 million in 2019.

Shares are set to start out buying and selling beneath the ticker image “SNCY” on the Nasdaq Global Select Market. Discount provider Frontier Airlines is reviving its plans to go public, it stated final week.

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