The owners of Sun Country Airlines on Monday filed to take the company public.
The Minnesota-based airline has been privately held for its entire 39-year history, but IPO rumors begin circulating shortly after funds affiliated with Apollo Global Management bought the low-cost airline from Minnesota businessmen Mitch and Marty Davis in early 2018.
The price range and number of shares offered for the proposed initial public offering have not yet been set.
The airline was unavailable for comment.
Sun Country plans to list its common stock on the Nasdaq Global Select Market under the ticker symbol “SNCY.”
The airline’s operating costs rose slower than its revenue for the 12-month period ending in September, making for a 55% profit, according to financial filings given to the U.S. Department of Transportation.
When rumors of a potential IPO surfaced two summers ago, Sun Country said, “There are several options that our board of directors can take for the next step in our journey as an airline.”
Any investor pitch will likely focus on the airline’s improved efficiencies made through significant cost-cutting measures, the promise of a travel demand rebound following the COVID-19 crisis and its lucrative cargo contract with Amazon.
Sun Country underwent a rapid transformation into an ultra-low-cost carrier between 2018 and 2019. It outsourced hundreds of ground jobs at Minneapolis-St. Paul International Airport to a contractor, then reversed course by firing the firm and running those operations itself again.
The airline also simplified its pricing by getting rid of first-class seats and unbundling other amenities.
Kristen Leigh Painter • 612-673-4767