Sun Country Airlines collected $218 million after selling 9.1 million shares at $24 each.
Daniel Slim/AFP via Getty Images
A trio of companies— Olo, Jowell Global, and Sun Country Airlines Holdings —made their public equities market debuts Wednesday.
The three are the first traditional initial public offerings of the week. Jowell Global (ticker: JWEL) delivered the biggest gain so far on Wednesday, with shares soaring as much as 57%. Jowell’s stock opened at $8.60 and hit a high of $11. The stock recently changed hands at $8.89, up 27%.
Jowell Global raised $26 million after selling 3,714,286 million shares at $7 each. Network 1 Financial Securities is the underwriter on the deal.
Jowell provides an e-commerce platform that sells cosmetics, health, and nutritional supplements and household products in China. It also sells its products through authorized retail stores under the brand Love Home Store or LHH Store.
Olo (OLO) also opened for trading Wednesday, with shares rising nearly 30%. The stocked opened at $32 and peaked at $32.44. Shares recently traded at $30.02, up 20%.
Late Tuesday, Olo raised $450 million after selling 18 million shares at $25 each, above its expected range. The New York-based software company had initially filed to offer 18 million shares at $16 each, which it raised to $20 to $22 earlier this week.
Goldman Sachs and J.P. Morgan are underwriters on the deal.
Started in 2005, Olo’s software helps roughly 400 restaurants provide digital ordering and delivery. Clients include Chili’s, Shake Shack (SHAK), Denny’s (DENN), and Cheesecake Factory (CAKE).
Sun Country’s (SNCY) shares jumped as much as 49% in its market debut. The stock opened at $33, hit a high of $35.76 and recently added $10.18, or 42.42%, to $34.18 in early afternoon trading.
The low-cost airline collected $218 million after selling about 9.1 million shares at $24 each, above its $21 to $23 price range. Barclays, Morgan Stanley, and Deutsche Bank Securities are underwriters on the deal.
Sun Country, based in Minnesota, offers flights throughout the U.S. as well as to Mexico, Central America, and the Caribbean. Its charter business is a big component of its business strategy; clients include casino operators, the U.S. Department of Defense, college sports teams, and professional sports teams. The company is also the air carrier for the NCAA Division I National Basketball Tournament, its prospectus said.
Of the three companies trading Wednesday, only Sun Country is unprofitable. The airline experienced a significant drop in demand last year because of the Covid-19 pandemic.
Write to Luisa Beltran at [email protected]
