updated 11/12/2010 2:50:11 PM ET 2010-11-12T19:50:11

Republic Airways Holdings Inc. said Friday it priced its 12 million share public offering at $7.80 per share.

Shares rose 31 cents, or 4 percent, to $8.11 in afternoon trading.

Underwriters have an option for 30 days to purchase up to 1.8 million additional shares.

If underwriters don't use that option, the company expects net proceeds of $88.5 million. The company expects to use the money to buy a new plane and bolster liquidity.

Goldman Sachs and Deutsche Bank are acting as joint book-running managers for the offering.

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