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Spirit Air completes first IPO of a US airline in three years

Spirit Airlines raised USD187.2 million, 42% less than it originally sought, after the carrier cut the price and number of shares in its IPO.

The carrier sold 15.6 million shares at USD12 each. It originally planned to raise USD320 million and offer 20 million shares at USD14 to USD16. The shares will trade on the Nasdaq Stock Market under the symbol SAVE.

Elsewhere, Delta and US Airways fell heavily while United Continental and American both fell 2.5%.

Selected AAD daily share price movements (% change): 26-May-2011