Sun Country Airlines plans to go public.
On Tuesday, the Minneapolis-based carrier filed for an IPO and said it intends to list its stock on the Nasdaq exchange. The carrier didn't say how many shares it would issue or at what price. A date has not been set for the initial offering, though Sun Country expects it to be this year.
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In its filing with the Securities and Exchange Commission, Sun Country touted its low-cost, leisure travel-focused business model as well as its contracted work as a cargo carrier for Amazon, for which it flies 12 Boeing 737-800 aircraft. Sun Country flew to 53 airports in the U.S., Mexico, Central America and the Caribbean as of Dec. 31.
The carrier said that despite the enormous impact of the Covid-19 pandemic, it earned operating income of $21.8 million during the first three quarters of 2020.
"We believe this result was due to our diversified and flexible business model, which includes a cargo business and allows us to shift resources to our charter and cargo businesses and away from our scheduled service business during periods of low scheduled service passenger demand," Sun Country said.
Among the 11 mainline U.S. passenger carriers, Sun Country is the smallest. It and Frontier are the only airlines among those 11 that are privately held. American, Delta, United, Southwest, Alaska, JetBlue, Hawaiian, Spirit and Allegiant are all publicly traded.
Sun Country has been owned by New York-based Apollo Global Management since 2017.
Barclays, Morgan Stanley, Deutsche Bank, Goldman Sachs and Nomura are underwriters for the IPO.