Mesa Air Group raised USD116 million on its return to public trading on Thursday, August 9. According to Bloomberg, the Arizona -based capacity provider sold 9.63 million shares for USD12 each. Initial projections had anticipated a price of USD14-16 per share.
The firm will use the proceeds to repay various debts and to provide general working capital for aircraft acquisitions and lease buyouts.
Mesa first went public in 1987 but was forced to privatize during bankruptcy proceedings in 2010.
Other shareholders in Mesa Air Group include American Airlines (AA, Dallas/Fort Worth) with a 20% stake.
