© Reuters. FILE PHOTO: A Solar Nation Airways aircraft’s wing is de-iced as a United Airways aircraft waits on the de-icing station throughout a snowstorm at Logan Worldwide Airport in Boston

(Reuters) – Shares of Solar Nation Airways Holdings Inc, a low-cost provider backed by private-equity agency Apollo World Administration (NYSE:) Inc, jumped round 38% of their Nasdaq debut on Wednesday.

The inventory opened at $33 per share, giving the airline a valuation of $1.84 billion.

The Minnesota-based airline raised $218.2 million in its preliminary public providing on Tuesday, promoting shares at $24 every, above the marketed vary of $21 to $23 apiece.

The itemizing comes at a time when weak journey demand continues to weigh on the financials of airways globally, as individuals keep at dwelling because of the COVID-19 pandemic.

Solar Nation, nevertheless, is betting on a turnaround in its fortunes as individuals get vaccinated. The airline expects to be one of many “early beneficiaries” of the rebound, as it’s targeted on leisure journey somewhat than enterprise journey, it stated.

Solar Nation operates a fleet of 31 passenger and 12 cargo plane. The provider additionally offers air cargo providers to Amazon.com Inc (NASDAQ:).

The provider expanded providers in January this 12 months, including http://www.suncountryview.com/wp-content/uploads/2021/01/1.26-New-Route-and-Schedule-Extension.pdf 16 new routes and 9 new airports, inspired by the COVID-19 vaccine rollout and betting on pent-up demand for leisure journey.

Based in 1982 by Jim Olsen and a small group of pilots and flight attendants, Solar Nation affords reasonably priced flights and trip packages to locations throughout the US, Mexico, Central America and the Caribbean. It was purchased by Apollo in 2017.

The corporate stated it plans to make use of a portion of the IPO proceeds to repay a mortgage it took from the U.S. authorities below the Coronavirus Support, Reduction, and Financial Safety (CARES) Act.

Solar Nation rival Frontier Group Holdings Inc additionally filed to go public earlier this month.

Barclays (LON:), Morgan Stanley (NYSE:), Deutsche Financial institution (DE:) Securities, Goldman Sachs (NYSE:) and Nomura had been the underwriters for Solar Nation’s providing.

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