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Monday, May 31, 2004

Republic Goes Public At $13 Per Share

After going public on May 26 at $13 per share, Republic Airways [RJET] started its first day trading at $13.58 after opening at $14.25. The stock closed at $13.77 with 1.2 million shares trading hands.

The Indianapolis-based parent of Chautauqua Airlines and Republic Airlines raised $65 million by selling 5 million shares. Of the five companies going public at the time, Republic was the biggest IPO of the day.

The pricing of the air carrier's IPO came in below the expected $14 to $16 range. Merrill Lynch led the deal's underwriting.

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