Sun Country Airlines files IPO
Low cost carrier Sun Country Airlines plans to go public.
The Minneapolis-based airline has filed for an initial public offering and hopes to raise at least $100 million.
"Since the acquisition, our business has been transformed under a new management team of seasoned professionals who have a strong combination of low-cost and legacy network airline experience," Sun Country Airlines Holdings Inc said in the filing.
It was bought in 2018 by New York investment firm Apollo Global Management.
The airline has experienced a ‘significant decline’ over the past year due of the Covid pandemic, but has managed to weather the storm due to its ‘diversified and flexible business model.’
It plans to list on the Nasdaq under the ticker SNCY.
It had operating revenue of nearly $300 million in the nine months to September 2020 which is a sharp fall compared to $537.5 million a year earlier.
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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