Frontier Airlines Announces Initial Public Offering Launch
Frontier Airlines has announced the launch of their initial public offering of 30 million shares of the company’s common stock, including 15 million shares from Frontier and 15 million shares to be sold by certain existing shareholders.
On Tuesday (March 23, 2021), Frontier Group Holdings, Inc. announced the launch of their initial public offering (IPO) of 30 million shares of common stock. The offering includes 15 million Frontier shares, as well a 15 million shares from certain existing shareholders. Frontier Airlines will not receive any proceeds from the shares sold by current stockholders. A selling stockholder will grant the underwriters a 30-day option to purchase an additional 4.5 million shares at the IPO price, less underwriting discount and commissions. The IPO price is expected to range from $19-$21 per share and the company intends to list on the Nasdaq Global select market under the ticker symbol ‘ULCC.’
The lead bookrunners for the proposed offering will be Citigroup, Barclays, Deutsche Bank Securities, Morgan Stanley and Evercore ISI, while BofA Securities, J.P. Morgan, Nomura, UBS Investment Bank, Cowen and Raymond James will act as additional bookrunners.
Frontier Airlines is committed to “Low Fares Done Right.” The Denver-based carrier operates over 100 Airbus A320 Family aircraft and has the largest Airbus A320neo fleet in the U.S., delivering the highest level of fuel-efficiency and noise footprint reduction compared to previous generation models. Frontier offers customers the ability to customize travel to their needs and budget, including base fares, a-la-carte options and one low-priced bundle called the WORKS.
Frontier’s commitment to families includes their ‘Discount Den’ travel club which allows children 14 years and younger to fly free on qualifying flights. The airline’s family friendly FRONTIER Miles loyalty program allows guests to earn one mile for every mile flown and permits the family pooling of miles, making it easier to earn rewards. Frontier currently has 150 new Airbus aircraft on order, which will continue to deliver on their mission of providing affordable travel across America.
Source: Frontier Airlines