Spirit Airlines, an ultra low-cost, low-fare (ULCC) "frills-for-a-fee" airline with service to and from Florida, the Caribbean and Latin America, lowered the proposed deal size for its upcoming IPO on Wednesday. The Miramar, FL-based company now plans to raise $195 million by offering 15.6 million shares at a price range of $12 to $13, as opposed to 20.0 million shares at a range of $14 to $16. At the mid-point of the revised range, Spirit Airlines will raise 35% fewer proceeds than previously anticipated. Joint book-running managers Citi and Morgan Stanley are expected to price the offering in the coming days, and Spirit plans to list on the NASDAQ under the symbol SAVE.
