Apollo-backed Sun Country Airlines said to price IPO at $24

Sun Country Airlines Holdings priced its IPO above range at $24 a share to raise about $218m, according to people familiar with the matter. Minneapolis-based Sun Country sold about 9.1m shares, the people said. It had earlier marketed the shares for $21 and $23, according to filings with the US SEC. Apollo Global Management acquired Sun Country in 2018 and an Apollo affiliate will continue to control the company after the IPO, according to Sun Country’s filings. The airline specializes in ferrying Midwesterners to vacation destinations such as Florida, as well as those in Latin America and the Caribbean. The company said its growth depends on a return to normal business conditions after the coronavirus pandemic, which remains a threat.<br/>