With less than a week to go until the offering, JetBlue management was preparing for a
meeting with IPO co-lead manager, Morgan Stanley. The initial price range for JetBlue shares
had originally been targeted at between $22 to $24. Facing sizeable excess demand for the 5.5
million shares planned in the IPO, the JetBlue management team was considering whether to
support an increase in the offering price of the new shares.