Allegiant Travel Co. (ALGT) Stock Rises In IPO
Regional airline Allegiant Travel Co. took off on its first day of trading Friday, closing 39 percent higher than its IPO price on the Nasdaq Stock Market.
Allegiant Travel closed at $25.10 a share, up from its IPO price of $18. It had opened at $24 a share on Friday morning.
The Las Vegas-based airline sold 5 million shares at a price above its expected $15 to $17 range, which was set by underwriters.
Allegiant focuses its plane routes on leisure travelers in 45 small American cities, connecting them nonstop to vacation destinations in Las Vegas, Orlando and Tampa-St. Petersburg. It's adding three more small originating cities to its routes in the coming months, and has identified 52 additional airports in the United States and Canada that may fit its growth plan.
Unlike many passenger carriers, Allegiant doesn't sell tickets through Web sites like Expedia or travel agency services like Sabre, for which it would have to pay fees; instead, customers must buy tickets at its counters or on its own Web site.
Allegiant Travel closed at $25.10 a share, up from its IPO price of $18. It had opened at $24 a share on Friday morning.
The Las Vegas-based airline sold 5 million shares at a price above its expected $15 to $17 range, which was set by underwriters.
Allegiant focuses its plane routes on leisure travelers in 45 small American cities, connecting them nonstop to vacation destinations in Las Vegas, Orlando and Tampa-St. Petersburg. It's adding three more small originating cities to its routes in the coming months, and has identified 52 additional airports in the United States and Canada that may fit its growth plan.
Unlike many passenger carriers, Allegiant doesn't sell tickets through Web sites like Expedia or travel agency services like Sabre, for which it would have to pay fees; instead, customers must buy tickets at its counters or on its own Web site.
Labels: ALGT, Allegiant Travel Co.
posted by Stock Administrator @ 1:46 AM
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