Spirit Airlines going public, sets its IPO price at only $12 a share

Spirit Airlines (Fort Lauderdale/Hollywood) is changing from a privately-held company to a publicly-held company. The ultra low-fare airline announced yesterday (May 26) that it has priced its initial public offering (IPO) of 15,600,000 shares of common stock at a public offering price of $12.00 per share. This is on the low side of the price range that was expected.

According to the offering, “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 will begin trading on The NASDAQ Global Select Market on May 26, 2011 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.

Citi and Morgan Stanley acted as joint bookrunners for the offering. Barclays Capital, Raymond James and Dahlman Rose & Company served as co-managers.

The initial public offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from Citi, c/o Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or by emailing batprospectusdept@citi.com, or from Morgan Stanley, c/o Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014 or by emailing prospectus@morganstanley.com.

A registration statement relating to these shares of Spirit Airlines common stock filed with the U.S. Securities and Exchange Commission was declared effective on May 25, 2011.”

Copyright Photo: Brian McDonough. Please click on the photo for the aircraft details.

Spirit Slide Show: CLICK HERE

Spirit Route Map: