Virgin America prices IPO, prepares for takeoff


Virgin America, the low-cost airline backed by Richard Branson’s Virgin Group, raised roughly $307 million in its initial public offering on Thursday, according to Reuters.

The airline, which began service in 2007, priced its shares at $23 each after previously setting an expected range of $21 to $24 per share. The IPO values Virgin America at a shade under $1 billion after the airline sold 13.3 million shares.

Shares are expected to start trading Friday on Nasdaq, under the symbol “VA.”

As Timenoted, Virgin America is consistently rated as a top domestic airline in public opinion polls, but the airline has also historically struggled financially with more than $670 million in losses over its first five years in existence. Things have improved recently, though, as dropping prices for jet-fuel helped the airline record third-quarter profits of $41.6 million, up 24% year-over-year.

Last year, Virgin America posted its…

View original post 61 more words


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s