Minneapolis-based Sun Country Airlines Holdings Inc. has filed for an initial public offering as planned. Sun Country will list its shares on Nasdaq under the symbol SNCY. Sun Country, backed by Apollo Global Management Inc has listed a $100m figure for the IPO but that looks like a fee placeholder and the offering amount is likely to be higher. The Underwriters are Barclays, Morgan Stanley, and Deutsche Bank. In the filing, the airline said it experienced a "significant decline" in demand due to the pandemic but its "diversified and flexible business model" allowed it to mitigate the impact "better than any other large U.S. passenger airline."
Sun Country will be hoping that its IPO will be in the market as airlines begin to fly again and it will rely heavily on the message that as larger airlines contract it will have opportunity to expand at speed. On that matter they would not be wrong. We all wish Jude Bricker and Dave Davis all the very best of luck.
Meanwhile Capitol Hill is still debating additional aid to the transportation sector. Whatever they decide, it will be a landmark decision that will shape the US aviation sector for decades to come, word is the airlines will get everything they require to see them through to June.