Spirit Airlines in $187 Million IPO
June 01, 2011
Cleary Gottlieb represented Citigroup and Morgan Stanley as representatives of the underwriters in the initial public offering of shares of common stock of Spirit Airlines.
The deal priced on May 25 and closed on June 1. The initial public offering price was $12.00 per share. The company offered 15,600,000 shares of common stock, and certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,340,000 shares of common stock to cover overallotments, if any. The common stock began trading on The NASDAQ Global Select Market on May 26 under the symbol "SAVE". Proceeds from the offering to the company are expected to be approximately $171.0 million after deducting the underwriting discounts and commissions and estimated offering expenses payable by the company.
Spirit Airlines, Inc. is an ultra-low cost, low-fare carrier that provides affordable travel opportunities in the United States, the Caribbean and Latin America. Its all-Airbus fleet flies daily flights to over 40 destinations. The company is based in South Florida.