Shares of jet-leasing company Air Lease Corp. climbed more than 5 percent in their first day of trading on the New York Stock Exchange.
The Los Angeles company priced its initial public offering of approximately 30.3 million shares at $26.50 per share, the midpoint of the expected range of $25 to $28, according to an April 8 regulatory filing.
All of the shares in the IPO are being sold by Air Lease. The stock is trading under the "AL" ticker symbol.
Air Lease is going public at a time when airlines are flying fuller flights, as more passengers return to air travel with the improving economy.
Air Lease's stock added $1.40, or 5.3 percent, to $27.90 in Tuesday morning trading.