Sun Country Airlines Holdings, an American ultra-low-cost passenger and cargo airline, announced terms for its IPO on Monday.
The Minneapolis, MN-based company plans to raise $200 million by offering 9.1 million shares at a price range of $21 to $23. At the midpoint of the proposed range, Sun Country Airlines Holdings would command a fully diluted market value of $1.3 billion.
Existing shareholder Apollo Global Management plans to sell an aggregate of $100 million worth of shares to PAR Investment Partners and Blackrock at a price per share equal to 94% of the IPO price in a concurrent private placement.
Sun Country Airlines states that it is a new breed of hybrid low-cost air carrier that dynamically deploys shared resources across its synergistic scheduled service, charter, and cargo businesses. The company focuses on serving leisure and "visiting friends and relatives" passengers and charter customers, as well as providing CMI service to Amazon, with flights throughout the US and to destinations in Mexico, Central America, and the Caribbean.
Sun Country Airlines Holdings was founded in 1982 and booked $401 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol SNCY. Barclays, Morgan Stanley, Deutsche Bank, Goldman Sachs, and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
