Bythesummerof2001,JetBluewasflourishing.ThecompanywasaddinganewAirbuseveryfiveweeks,aboutthesameratetheairlinewasaddingnewdestinations.JetBluesignedinJune2001tobuyupto48moreAirbusA320soverthenext10years,makingthetotalnumberofplanesonorder131.
Business,infact,wassogoodthatJetBluesetafilingdatewiththeSEConwhichitwouldfileaRegistrationStatementsoitcouldgopublicandoffersharesinanIPO.ThedateitchosewasSeptember11,2001.Obviously,theeventsofthatdayturnedouttobequitedifferent.WiththeterroristattackontheWorldTradeCenterandtheFAAordertoshutdownU.S.Airspace,anythoughtoffilinganythingthatdayweresuperceded.
Post9/11,theU.S.aviationindustrywasreeling.Severalairlinesstruggledtoremainsolvent.DuetothefactthatJetBluehadbeenwellfundedtobeginwith,itmanagedtorideoutthestormrelativelyunscathed,andwasstillprofitable.Asthespringof2002approached,thecompanywasfinallyabletomoveforwardwithitsproposaltogopublic.JetBluewasthefirstairlineIPOpost-9/11andthecompanysuccessfullysold5.9millionnewsharesor16-percentofthecompanyfor$147.3million.JetBluedebutedontheNASDAQstockonApril12,2002.Withinamonth,JetBlue'ssharepricehaddoubledonthestrengthofstrongdemand.Infact,atonepoint,JetBlue'smarketvaluationexceededthatofAmerican,UnitedandDeltaAirlinescombined.
ItwasntallplainsailingforJetBlue,however.InSeptember2003,newsbrokethatJetBlue(alongwithUnited,AmericanandNorthwest)hadsharedpassengerinformationdatabaseswiththeFBIinanefforttoidentifyhigh-riskindividualswhowerepotentialsecuritythreats.Whilethisaimwaslaudable,doingthisdidviolateJetBluesownprivacypolicy.Neeleman,whodidntknowthiswashappening,apologizedonbehalfofthecompanyandadmitteditwasamistake.Despitethiscontroversy,JetBluestillmanagedtowinnumeroustravelindustryawardsasthe"BestDomesticAirline".
"Wedidn'tknowabout9/11whenwestarted.Wedidn'tknowaboutGulfWarTwowhenwestarted.Wedidn'tknowaboutthekindofdifficultieswewouldencounter,butweknewwehadabunchofairlinesthathadpredatorypaststhatwouldessentiallytryandputusoutofbusiness.Soitwasveryimportantforustohavethreethings:havethebestproduct,havethelowestcost,andhavethemostmoney.Ibelievedatthattime,andIbelieveitevenmoretoday,thatifyou'regoingtogothroughdifficulttimes,youwanttodoitwiththebestproductandthelowestcost.Idon'tcarewhatbusinessyou'rein.Ifyou'reinthedrycleaningbusinessorifyou'reinthegasstationbusiness,ifyouhavethebestproductandyou'rethelowestcost,you'regoingtodowell,eveninbadtimes."?