Spirit Airlines, Inc. (NASDAQ: SAVE) has only been public since last summer and now the company has a secondary offering of stock. The company sold 11 million shares in a secondary offering at a price of $14.50 per share. Rather than this going to the company, all of the shares are being sold by existing shareholders (including affiliates of Oaktree Capital Management and Indigo Partners and certain members of the company’s executive team).
The airline itself will receive none of the proceeds and the selling holders are granting the underwriters an additional share count of up to 1.65 million to cover overallotments. Barclays Capital, Morgan Stanley and Citigroup are all listed at the joint book-runners of this underwriting syndicate. Co-managers are listed as Deutsche Bank Securities, Raymond James, Dahlman Rose & Company, Evercore Partners and Macquarie Capital.
This raises close to $160 million for the holders and the market cap is $1.06 billion.
Shares are trading up 2.4% at $15.02 and the post-IPO trading range has been $10.18 to $17.48. The current consensus price target objective from Thomson Reuters is $20.67.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
