Spirit Air’s Secondary Offering (SAVE)
Florida-based Spirit Airlines Inc. (NASDAQ: SAVE) has priced a secondary offering of 11 million shares at $14.50/share. The price is a discount of 1.2% to last night’s closing price of $14.67/share. The offering will raise $159.5 million, all of which…
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Florida-based Spirit Airlines Inc. (NASDAQ: SAVE) has priced a secondary offering of 11 million shares at $14.50/share. The price is a discount of 1.2% to last night’s closing price of $14.67/share.
The offering will raise $159.5 million, all of which will be distributed to current shareholders. The two largest shareholders are Oaktree Capital Management with 22.5 million shares and Indigo Partners with 14.2 million shares, according to a report at MarketWatch. Company executives are also selling shares.
At the company’s IPO in May 2011, Spirit issued 15.9 million shares at $12.
Spirit’s shares are mysteriously up nearly 2.5% at $15.05 in pre-market trading this morning. The stock’s 52-week range is $10.18-$17.48 and average daily volume is around 220,000 shares trading hands.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
