Spirit Airlines shares fall in IPO debut

AP News
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Posted: May 26, 2011 12:44 PM
Spirit Airlines shares fall in IPO debut

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.