fbpx
Wednesday, August 4, 2021
No menu items!

Low-cost carrier Frontier aims for $4.52 bln valuation in U.S. IPO

 Frontier Group is aiming for a valuation of $4.52 billion in its U.S. initial public offering (IPO), according to a regulatory filing by the low-cost carrier on Tuesday (March 23), as the industry prepares for a rebound from pandemic-driven travel lows.

U.S. airlines are beginning to emerge from the pandemic-induced crisis that has opened doors for carriers catering to domestic leisure travel, which is rebounding quicker than business and international travel, particularly as more people receive COVID-19 vaccines.

Budget carriers are also expected to bounce back quicker than larger rivals, thanks to their lower-cost structures and focus on domestic leisure travel.

Frontier, which withdrew listing plans in July, filed again this month, while Apollo Global Management-backed Sun Country Airlines made its successful stock market debut.

Frontier plans to sell 30 million shares priced between $19 and $21 per share, aiming to raise about $630 million.

Denver, Colorado-based Frontier, which is owned by private equity firm Indigo Partners, flies to more than 100 destinations in the United States, Mexico and the Caribbean and operates 100-plus Airbus A320 family aircrafts.

Citigroup, Barclays, Deutsche Bank Securities, Morgan Stanley and Evercore ISI are the lead underwriters for Frontier’s offering.

Frontier will list its stock on the Nasdaq under the symbol “ULCC”.

(Production: Aleksandra Michalska)

Latest News

Reese Witherspoon’s media firm to be sold to Blackstone-backed company

Academy award-winning actress Reese Witherspoon's media company, Hello Sunshine, is selling itself to a newly formed media...

Pentagon placed on temporary lockdown after nearby shooting

A shooting outside the Pentagon on Tuesday (August 3) resulted in several casualties after a Pentagon police officer was attacked, with law...

Biles returns to claim balance beam bronze, Guan wins gold

Simone Biles made a fearless return to competition on Tuesday (August 3), capping a tumultuous Tokyo Games with a bronze medal on...

Hazmat called for suspicious envelope at DHL

HOUSTON – The HFD hazmat team has determined that a suspicious envelope reported at a DHL facility last night did not contain...

Man injured in workplace accident on Humble Westfield Road

HOUSTON – A man was rushed to the hospital after sustaining a traumatic injury at a workplace on Humble Westfield Road.

More Articles Like This