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As Virgin America's stock was taking flight in an IPO on the Nasdaq, CNBC's Jim Cramer recommended Friday that investors steer clear.
"I don't want to touch that one. I mean, there's plenty of good airlines," he said on "Squawk on the Street. " "You don't need to be involved in this one. Go with the ones that, I think, have really proved themselves in this period."
Nonetheless, Virgin America's initial public offering was priced at $23 per share, according to an underwriter, valuing the low-cost airline, partly owned by Richard Branson, at $993.6 million.
By midmorning, it was trading at $29.39 a share, raising the market capitalization to $1.3 billion.
Virgin America is the U.S. offshoot of Branson's London-based Virgin Group. The billionaire entrepreneur, through VX Holdings LP, will own 24.8 percent stake after the offering. Hedge fund Cyrus Capital Partners LP with 32.8 percent is the biggest shareholder.
—Reuters contributed to this report.
DISCLOSURE: When this story was published, Cramer's charitable trust did not own American Airlines, Virgin America or Spirit Airlines.