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Sun Country shares surge after stock market debut

The Twin Cities-based airline started trading under the ticker name SNCY on Wednesday.
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Sun Country made its stock market debut on Wednesday and saw its shares surge in the wake of its Initial Public Offering (IPO).

The company's shares were priced at $24 ahead of its Nasdaq debut under the ticker name SNCY, and within 75 minutes of debuting at 11 a.m., the Twin Cities-based airline had seen its stock rise by 44% to $34.77.

The company was bought by New York-based investment group Apollo Global Management in 2017

It had sold 9.1 million shares at $24 ahead of its market debut, raising $218 million for the company that CEO Jude Bricker told the Star Tribune will be used to pay off its $46 million CARES Act pandemic loan, buy new airplanes, and hire more workers.

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The airline has marked its IPO by launching a sale on fares, offering tickets for $25 one-way between MSP Airport and Chicago, $49 between MSP and Indianapolis, and $69 between MSP and Seattle.

It'a also offering up to 5x Rewards points on certain routes, and 2x points on everything else.

Its stock market debut comes amid signs of recovery for the travel market, even though the pandemic has not yet been quashed.

The rollout of vaccinations across the U.S. has led to renewed hope that the worst is over and in turn is leading to a rising demand for travel.

MSP Airport said it's expecting March to be its busiest month since the pandemic began thanks to an increase in spring break travelers.

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