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 airline on Tuesday, as the sector prepares to rebound from the travel slump.
See also: Delta will offer quarantine-free flights from New York to Milan and Rome.
Frontier, which withdrew its listing plans in July, resubmitted its bid this month, while Sun Country Airlines, backed by Apollo Global Management, successfully debuted on the stock exchange, Reuters reported.
The airline plans to sell 30 million shares at a price of between US$19 and US$21 per share, aiming to raise about US$630 million.
See also: Southwest Airlines resumed flights with Boeing 737 Max.
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”.
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