Twin Cities-based Sun Country Airlines is going public, with its hedge fund owners filing on Monday to list the company on the Nasdaq stock exchange.
Apollo Global Management Inc., the New York-based investment group that bought the airline in 2017, announced Monday it has filed for an initial public offering (IPO).
The IPO, which will be underwritten by banks including Barclays, Morgan Stanley, and Deutsche Bank, would see the company listed on the Nasdaq Global Select Market under the symbol "SNCY."
The filing states it's seeking to sell $100 million-worth of shares, though per MarketWatch that figure is "likely a placeholder used to calculate fees."
The budget airline is seeking to capitalize as the travel industry recovers from the devastation wrought in 2020 by the COVID pandemic, which has see
The airline has recently shown signs of life, announcing this past month it will be launching multiple new routes from Minneapolis-St. Paul International, as well as expanding its private MSP shuttle offerings to five new cities in Minnesota and western Wisconsin.
The hit taken during the pandemic was also softened by the company's 2019 deal with Amazon, which saw the airline use a number of its planes for cargo deliveries for the online retail giant.
In its filing, the company said that it "has been transformed" since it was acquired by Apollo, and that while it did experience a "significant decline in demand" during 2020, its "diversified and flexible business model" helped it weather the worst of the storm better than other legacy airlines.
The company posted revenue of $293.7 million in the nine months ending September 2020, down from $537.5 million a year earlier.