Sun Country Airlines Holdings Inc.’s stock SCNY, +0.12% is set to start trading Wednesday, after the Minneapolis-based low-cost air carrier said overnight that its initial public offering priced at $24, to value the company at $1.34 billion. That was above the expected range of between $21 and $23 a share. The company sold 9.09 million shares in the IPO to raise $218.2 million. The stock is expected to begin trading on the Nasdaq on Wednesday under the ticker symbol “SNCY.” Barclays, Morgan Stanley and Deutsche Bank Securities are the lead underwriters. The company had recorded a net loss of $3.9 million on revenue of $401.5 million in 2020, after net income of $46.1 million on revenue of $701.4 million in 2019. The company is going public at a time that the Renaissance IPO ETF IPO, -1.43% has slipped 2.4% over the past three months while the S&P 500 SPX, -0.37% has gained 6.5%.
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