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

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

AaronP | Bauer-Griffin | GC Images | Getty Images

Frontier Airlines’ mother or father firm stated it raised $570 million in an preliminary public providing, the most recent U.S. service to take that route because the trade starts to see indicators of a restoration from the Covid pandemic.

The Denver-based price range service stated late Wednesday it bought 30 million shares that priced at $19 apiece, the low finish of the goal vary, which gave it a valuation of about $four billion.

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

Frontier filed to go public final month after dropping plans over the summer time because the trade was struggling by the pandemic.

Another price range service, Sun Country Airlines, went public final month.

Correction: An earlier model of this text misstated the primary day of trading in a bullet level.

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