Frontier Airlines raises $570 million in IPO, starts trading today

by Buzz Street Times

Frontier Airlines Airbus A320 takes off from Los Angeles international Airport on August 27, 2020 in Los Angeles, California.

AaronP | Bauer-Griffin | GC Images | Getty Images

Frontier Airlines’ parent company said it raised $570 million in an initial public offering, the latest U.S. carrier to take that route as the industry starts to see signs of a recovery from the Covid pandemic.

The Denver-based budget carrier said late Wednesday it sold 30 million shares that priced at $19 apiece, the low end of the target range, which gave it a valuation of about $4 billion.

Frontier starts trading Thursday under the ticker ULCC, the initials of ultra-low-cost carrier, on the Nasdaq Global Select Market.

Frontier filed to go public last month after dropping plans over the summer as the industry was struggling through the pandemic.

Another budget carrier, Sun Country Airlines, went public last month.

Correction: An earlier version of this article misstated the first day of trading in a bullet point.

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