Shares of Spirit Airlines Inc. were trading below their $12 initial public offering price in their market debut Thursday.
Spirit Airlines shares fell 55 cents, or 4.6 percent, to $11.45 in afternoon trading.
The low-cost airline sold 15.6 million shares at $12 each on Wednesday, below the $14 and $16 range it had expected to get earlier this month. At that time it had expected to sell 20 million shares.
The Fort Lauderdale, Fla.-based airline expects to net $171 million after expenses.
Shares are trading under the symbol "SAVE" on the Nasdaq Global Select Market.