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Apollo-backed Sun Country Airlines raises nearly $220 mln in U.S. IPO

· 03/16/2021 21:17
Apollo-backed Sun Country Airlines raises nearly $220 mln in U.S. IPO

- Sun Country Airlines Holdings Inc SNCY.O, a low-cost carrier backed by private-equity firm Apollo Global Management Inc APO.N, sold shares in its initial public offering (IPO) on Tuesday at $24 apiece to raise about $218.2 million.

The Minnesota-based airline, which offers affordable flights and vacation packages to destinations across the United States and in Mexico, Central America and the Caribbean, sold 9.1 million shares in the IPO, previously aiming to sell at a target price range of $21 to $23.

Founded in 1982 by Jim Olsen and a small group of pilots and flight attendants, Sun Country has charter business and also operates cargo flights besides its scheduled passenger services.

Frontier Group Holdings Inc, which competes with Sun Country in the low-cost carrier segment, filed paperwork to go public last week, banking on hopes of a rebound in air travel as countries roll out vaccines against COVID-19. nL4N2L64NZ

Barclays, Morgan Stanley and Deutsche Bank Securities are the lead underwriters for the offering.



(Reporting by Sohini Podder and Amruta Khandekar in Bengaluru, Editing by Sherry Jacob-Phillips)

((sohini.podder@thomsonreuters.com;))