Sun Country Airlines holdings
– Made its debut on the public stock market on Wednesday.
All three are the first traditional initial public offerings of the week.
Sun Country (ticker: SNCY) was the best performer on Wednesday, with stocks rising nearly 52%. The stock opened at $ 33 and closed at $ 36.38.
The low-cost carrier raised $ 218 million after selling about 9.1 million shares at $ 24 each, above its $ 21-23 price range.
and Deutsche Bank Securities are the subscribers to the agreement.
Sun Country, based in Minnesota, offers flights to the entire United States, as well as to Mexico, Central America and the Caribbean. Your charter business is an important component of your business strategy; Clients include casino operators, the US Department of Defense, college sports teams, and professional sports teams. The company is also the airline of the NCAA Division I National Basketball Tournament, according to its prospectus.
Of the three companies listed on Wednesday, only Sun Country is unprofitable. The airline experienced a significant drop in demand last year due to the Covid-19 pandemic.
Olo (OLO) also began trading on Wednesday. The stock opened at $ 32 and jumped 39%, or $ 9.75, to end at $ 34.75.
“This is a manifestation of a historical moment [for Olo]”Said Noah Glass, its founder and CEO. Barron from the floor of the New York Stock Exchange. “It is amazing now to have the credibility that comes with an initial public offering and the transparency in our balance sheet and resources that comes with. [it]. It feels like the beginning of this journey … I couldn’t be more excited on behalf of the entire Olo team. “
On Tuesday night, Olo raised $ 450 million after selling 18 million shares at $ 25 each, above his expected range. The New York-based software company had initially come forward to offer 18 million shares at $ 16 each, which rose to $ 20 to $ 22 earlier this week.
They are the subscribers to the deal.
Launched in 2005, Olo’s software helps approximately 400 restaurants offer digital ordering and delivery. Customers include Chili’s, Shake Shack (SHAK), Denny’s (DENN), and Cheesecake Factory (CAKE).
Olo has raised about $ 100 million in equity and does not have any debt, Glass said. The company, which saw its revenue nearly double last year to $ 98.4 million, has more than $ 70 million in cash on its balance sheet, he said.
Olo will use the proceeds from the IPO to double its support for “the corporate restaurants we serve,” which includes about 100,000 individual businesses, he said. The segment processes about $ 40 billion in transactions, Glass said. “We look for the opportunity to grow and scale. It’s a 70-fold chance from where we left off last year, ”he said. “The seed money we raise will help us address the pain points restaurants feel.”
One thing Olo probably won’t be involved in is mergers. “We have no plan [acquisitions] up his sleeve to be the direct reason for doing this, ”Glass said.
Olo software helps restaurants offer online ordering and delivery. Nearly $ 14.6 billion in sales were processed through Olo’s platform in 2020, but the company is still in the early stages of providing payments, Glass said, noting that only a handful of customers are using OloPay. “We are in the super, super early stages, but we are excited about [OloPay] and invest in it, ”he said.
The Covid-19 pandemic has accelerated the acceptance of digital orders, Glass said. The biggest challenge for the industry now is the ever-changing healthcare environment and the number of restaurant canteens that can remain open, he said. “Covid was devastating for the restaurant industry and its owners. We take on a larger role as a lifeline for our restaurant customers and a mission-critical component of the business, ”he said.
By going public now, Olo is making a statement that he plans to be independent for a long time, he said. Many companies have been built on Olo, he said. “We want them to feel good about being Olo’s future long-term partner … It is a great opportunity for our investors who have been with us during our 15-year journey,” said Glass.
Lastly, Jowell Global (JWEL) made its debut on Wednesday. The stock opened at $ 8.60 and closed at $ 8.71, an increase of 24.43%.
The Shanghai company raised $ 26 million after selling 3,714,286 million shares at $ 7 each. Network 1 Financial Securities is the underwriter of the operation.
Jowell provides an e-commerce platform that sells cosmetics, health and nutritional supplements, and household products in China. It also sells its products through authorized retail stores under the Love Home Store or LHH Store brand.
Write to Luisa Beltran at [email protected]