Virgin America prices initial public offering of stock at $23 per share, within expected range

MarketsAssociated Press

Virgin America says its initial public offering of 13.3 million shares has priced at $23 apiece.

The offering values the Burlingame, California, airline at about $994 million and was priced below the top of the expected range of $21 to $24 a share. The carrier is selling 13.1 million shares and shareholders are offering the rest.

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Virgin America, backed by Richard Branson, says its shares will start trading Friday on the Nasdaq stock market under the ticker symbol "VA."

Virgin America started flying in 2007 with the goal of being low-cost but high-flair. Its Airbus jets feature mood lighting, leather seats and seatback touch screens for watching TV, ordering drinks or chatting with passengers in other rows.