Virgin America (San Francisco) raised USD306.76million in its IPO last week on the Nasdaq last week. Though offered at USD23 per share initially, the carrier's stock rose to USD30.00 at the close of trading on Friday.
As previously reported, a total of 13.3 million shares were put up for sale with Virgin America offering 13,106,377 company shares and VX Employee Holdings 231,210.
Virgin America's principle shareholders, US-based hedge fund, Cyrus Capital Partners, L.P., CM Finance Inc, and affiliates of Virgin Group Holdings, have also agreed to offer 2,000,638 additional shares valued at almost USD52.1million in a private placement alongside the IPO.
Virgin intends to use funds raised for working capital, sales and marketing activities, general matters, capital expenditures including future flight equipment acquisitions, and for certain aircraft operating lease obligations.
