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Spirit raises less than USD200 million in disappointing IPO

US low-cost carrier Spirit Airlines completed an initial public offering on 25 May-2011, raising about USD190 million after having to drastically shrink the offering due to a lack of demand. Florida-based Spirit initially aimed to raise about USD300 million and sell 20 million shares at USD14 to USD16 each but ended up reducing the offering to 15.6 million shares and reducing the offer price to USD12 to USD13 per share.

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