The Southlake, Texas-based company sold 39.2 million shares for $16 apiece, these people said, raising $627.2 million before the potential sale of additional shares to underwriters. Sabre had expected to sell 44.7 million shares for $18 to $20, according to a regulatory filing. Sabre operates a so-called global distribution system, which acts as a clearinghouse for fares, schedules and seat availability for airlines. It owns the Travelocity website, but last year outsourced most of that site's operations-such as processing bookings and handling customer questions-to longtime rival Expedia Inc. EXPE +2.14% Sabre has posted steady revenue growth the past few years, but failed to turn a profit due to high costs, a heavy debt burden and write-downs related to a series of acquisitions. Get the full story at The Wall Street Journal and Sabre