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Sun Country shares surge on opening day as publically traded company
Sun Country Airlines became an immediate beneficiary of growing optimism of a travel rebound. On its stock market debut its opening share price surged more than 50%. "We’re feeling really good about a recovery," Sun Country CEO Jude Bricker told CNBC.
Sun Country sold more than nine million shares, priced at $24, which closed at $36. on Wednesday. High demand sent the stock surging, valuing the airline at about $2 billion.
The $218.2 million Sun Country raised at the opening price will be used to pay down the $45 million loan it received under the federal CARES Act.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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