Air Lease climbs in first day of trading on NYSE

AP News
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Posted: Apr 19, 2011 10:52 AM
Air Lease climbs in first day of trading on NYSE

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.