NEW YORK (CNN/Money) - Low-cost airline JetBlue Airways Corp. flew past expectations Thursday, raising $158 million ahead of its initial public offering.

JetBlue sold 5.87 million shares at $27 each via co-lead underwriters Morgan Stanley and Merrill Lynch. The company had planned to sell 5.5 million shares at $25-to-$26 each. Underwriters have an over-allotment option, or green shoe, to buy 825,000 more shares.

Earlier this week, JetBlue boosted its price range to $25-to-$26 from $22-to-$24.

The Kew Gardens, N.Y.-based airline began operations in February 2000 and currently offers 108 flights a day serving 18 different cities across the United States. While touted as low-cost, the airline provides such perks as leather seats and free direct satellite TV.

JetBlue will trade Friday under the Nasdaq ticker "JBLU."