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

Solar Country Airways Boeing 737 takes off from Los Angeles Global Airport on August 27, 2020.

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Solar Country Airways begins trading Wednesday after the funds carrier acknowledged it estimates it raised $218 million in an preliminary public offering, a gamble scurry back and forth will proceed to rebound.

The Apollo Management Community-backed, low-label airline is the foremost U.S. carrier to scurry public since regional carrier Mesa Air Community in 2018. It supplied shut to 9.1 million shares, which priced at $24, the carrier acknowledged tiring Tuesday. Closing week, the Minneapolis-based airline acknowledged it expected the shares to cost between $21 and $23.

Solar Country caters to sun-attempting for vacationers, a phase that has fared higher at some level of the Covid pandemic when put next with higher airways whose extensive global networks and alternate devices rely carefully on corporate scurry back and forth. Solar Country also has an settlement with Amazon to soar cargo on older narrow-physique Boeing 737 planes.

Solar Country became as soon as gathered impacted by the disaster. It swung to a $3.9 million loss final One year from safe profits of $46 million the earlier One year, in accordance to firm filings. Earnings final One year fell to $401.5 million from $701 million in 2019.

Shares are predicament to open trading below the ticker image “SNCY” on the Nasdaq Global Scheme shut Market.

Cleave price carrier Frontier Airways is reviving its plans to scurry public, it acknowledged final week.