Shares of Mesa Air Group Inc. MESA, -2.17% fell in their debut, and were trading 4.2% below the initial public offering price of $12 in afternoon trade Friday. The regional air carrier's IPO priced late Thursday below the expected range of $14 to $16. The first trade was at $12 at 10:50 a.m. Eastern, and it has traded in a range of $11.50 to $12 since then. The air carrier has gone public at a time that the NYSE Arca Airline Index XAL, -1.34% has lost 2.0% over the past three months and the S&P 500 SPX, -0.90% has gained 3.8%.
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