Sun Country Airlines Holdings, Inc. (SNCY) saw its stock price soar 5.15% on Monday's intraday trading session. The surge came after the company announced the pricing of a secondary public offering of around 6.3 million shares held by an affiliate of Apollo Global Management, representing Apollo's complete divestment from the airline.

What fueled the stock's rally was Sun Country's decision to repurchase approximately $10 million worth of shares from the underwriters at the same price offered in the secondary offering. This share buyback program, funded by the company's existing cash reserves, signaled management's confidence in the airline's prospects and commitment to enhancing shareholder value.

Investors viewed the share repurchase as a positive development, driving the stock higher on Monday. The combination of Apollo's exit and Sun Country's buyback plan sparked renewed interest in the low-cost carrier's shares, leading to the significant intraday price surge.