Skip to main content
Publish date:

Sun Country is going public, will list its stock on the Nasdaq

The airline is looking to raise cash through an IPO.
Author:

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.

Looking to buy or sell your home? Find a realtor using BMTN's directory.

Next Up

Gopher Basketball

Michigan State hands Gophers first loss

The 19th ranked Spartans knocked Minnesota from the ranks of the unbeaten.

Karl-Anthony Towns, Chris Finch

Patrick Beverley returns but Jazz rout Timberwolves

The Jazz avenged last season's 0-3 record with a blowout victory.

Eric Kendricks

Vikings-Steelers: 5 things you can count on

After an embarrassing loss to the Lions, can the Vikings get it together?

snow, snowing

Winter storm watch expands north, includes parts of Twin Cities

Everyone in southern Minnesota will want to keep an eye on forecast changes.

Screen Shot 2020-08-14 at 6.45.53 PM

5-year-old boy fatally shot on Thanksgiving identified

Police said a few juveniles at the home were making a social media video when the gun went off.

PAMP travail 1

Pig Ate My Pizza will close at the end of the year.

Its leaders plan to relaunch and "get back to the humble beginnings of Travail."

flickr - criticla care nurses nov 2021

Allina parts ways with 53 of 27,000 employees over vaccine mandate

That's about 0.2% of the health care system's workforce.

US Bank Stadium, Vikings fans

Matthew Coller: How will Vikings fans react on Thursday night?

Will years of disappointment be revealed if the Vikings struggle against the Steelers?

dinner party holidays gathering celebration 1

Health officials encourage getting vaccinated and tested before the holidays

The state has launched a "Celebrate Safely, Minnesota" campaign to make it easier to get tested and vaccinated.

Kjellberg booking photo crop

Charges: Parking dispute, scuffle preceded fatal stabbing

The suspect said he was upset about neighbors and their friends regularly parking on his property.

Dave Hutchinson

Hennepin Co. Sheriff injured in rollover, admits to drinking beforehand

The sheriff, in a statement, called it an "inexcusable decision."

CDC - vaccine band aid

COVID cases, hospitalizations, and deaths in MN dominated by unvaccinated

The latest figures from October show a disproportionate number of deaths among the unvaccinated.

Related

sun country

Sun Country shares surge after stock market debut

The Twin Cities-based airline started trading under the ticker name SNCY on Wednesday.

Prime air plane

Sun Country strikes deal with Amazon to fly cargo aircraft

The Eagan-based airline is expanding its operations.

Company that replaced 350 local workers ends contract with Sun Country

Global Aviation Services lasted just over two months running ground operations for the airline.

Sun Country considers moving HQ from Eagan to MSP Airport

The airline is looking to consolidate its Twin Cities presence into fewer facilities.

sun country

Sun Country cutting jobs due to COVID-19 pandemic

The Minnesota-based airline is eliminating many unfilled positions, with the cuts impacting 18 people.

Sun Country to waive or reduce fees for changing flights

Other airlines charge significant amounts to change your ticket.

With each passing day, Sun Country Airlines gets less Minnesotan

It's slashing jobs, and now it's slashing Surly from its menu.

Lawsuit: Firm contracted by Sun Country blamed 'Minnesota work ethic' for failures

The CEO of the company also allegedly said Minnesota workers were drug users.