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Low-Cost Carrier Frontier Files Paperwork for U.S. IPO

(Reuters) - Frontier Group Holdings Inc has filed paperwork for an initial public offering, a regulatory filing by the low-cost carrier showed on Monday.

The filing did not reveal the number of shares or the price range at which Frontier expects to sell them on the Nasdaq Global Select Market.

Airlines across the world have been severely affected by the COVID-19 pandemic, as international and domestic flights were grounded to curb the disease’s spread.

Frontier also withdrew plans for an IPO in July last year.

The Denver, Colorado-based airliner flies to over 100 destinations in the United States, Mexico and the Caribbean and operates more than 100 Airbus A320 family aircraft, according to its website.

It was acquired by an affiliate of private equity firm Indigo Partners LLC in December 2013, the filing revealed.

Frontier posted a net loss of $225 million for the year ended Dec. 31, 2020, hurt primarily by a sharp decline in demand due to the pandemic, which led the carrier to spend about $2 million on an average in cash per day.

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

Reporting by Sohini Podder in Bengaluru; editing by Uttaresh.V

Source: Reuters

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