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CrazyFruits » WORLD NEWS AND SPORTS FROM SKY » Virgin America soars in market debut

Virgin America soars in market debut

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1bat Virgin America soars in market debut on Sun 16 Nov 2014 - 9:19

BOBmarleyADMIN

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NEW YORK, USA (Reuters) Shares of Virgin America Inc, a low-cost airline partly owned by Richard Branson, soared more than 30 per cent in their market debut, underscoring the buoyant mood in an industry that is emerging from a long spell of turbulence.
US airline stocks hit a 13-year high last week as they gained momentum from lower oil prices and increased travel spending by Americans in an improving economy.
The company's IPO is the first for a US airline since May 2011, when Spirit Airlines Inc went public.
Virgin America's shares rose to a high of US$30.16 on Friday on the Nasdaq, valuing the company at about US$1.3 billion.
"Shares are probably trading a little higher than we expected, but we did expect an opening day pop," Virgin America Chief Executive David Cush told Reuters.
At the high, the stock was trading 8.08 times 2013 earnings, compared with Southwest Airlines Co's multiple of 37.43 and JetBlue Airways Corp's 24.43.
"I think it's a buy-and-hold story," said Josef Schuster, founder of IPO investment firm IPOX Schuster LLC.
Virgin America is the US offshoot of Branson's London-based Virgin Group, which is involved in sectors including airlines, railroads, telecommunications, media and hospitality.
The offering of 13.3 million shares, priced at US$23 each, raised about US$307 million, with the company retaining most of the proceeds.

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