Photo via Colin Brown Photography (Shared under Creative Commons)

Sun Country Airlines Holdings Inc., which has only been a public company for two months, has announced a secondary stock offering of 6 million shares. Sun Country won’t receive any proceeds from the sale.

The shares are being sold by affiliates of Apollo Global Management, the majority owner of the airline. New York-based Apollo, a private equity firm, acquired Sun Country in 2018. As part of the new offering, underwriters will have a 30-day option to buy 900,000 additional shares.

Investors were apparently not thrilled with the news. Sun Country’s stock was down about 9 percent for the day in late morning trading.

Sun Country went public in March amid an overall strong market for initial public offerings (IPOs). All told the offering raised about $225 million for Sun Country.

Sun Country went public at $24 per share on March 17. The stock closed yesterday at $39.74 per share, up 65.6 percent since the IPO.

In its filings prior to going public, Sun Country reported $401.5 million in revenue during the pandemic year of 2020, down from $701.4 million in 2019.

The Apollo-connected entity that owns the majority of Sun Country shares is SCA Horus Holdings LLC. According to a filing yesterday with the U.S. Securities and Exchange Commission, SCA Horus owns 71.6 percent of Sun Country’s shares. If the underwriters fully exercise their options, that stake would be trimmed to 59.5 percent of the company.

Sun Country CEO Jude Bricker owns nearly 1.6 million shares, which translates into 2.8 percent of its outstanding stock. Bricker has been CEO since July 2017, before the Apollo acquisition.

Twin Cities Business did an in-depth Q&A with Bricker in 2019.

Sun Country has been ramping up in expectation of the travel rebound. The company added 18 new routes in late April.