Frontier airlines files for IPO as travel industry gears up for rebound
Frontier last filed for an IPO in 2017 but later withdrew
Frontier Airlines CEO Barry Biffle on social distancing on planes, safety procedures.
Frontier Airlines, known for its low-cost flights, filed for an initial public offering as the travel industry works towards a comeback following COVID-19 related losses.
The Denver-based airline, owned by Frontier Group Holdings Inc., is looking to raise $100 million in the offering filed with the Securities and Exchange Commission on Monday. The company will trade under the symbol FRNT on the Nasdaq.
Frontier Airlines filed for an IPO on Monday. (iStock)
The filing comes as more budget airlines position themselves to bounce back after devastating revenue losses in 2020. Minneapolis-based low-cost air carrier Sun Country Airlines on Monday also launched an IPO to raise around $200 million, according to regulatory filings.
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Frontier last filed for an IPO in 2017, but later withdrew. The company reported $225 million in losses for 2020 on $1.25 billion in revenue, compared with a net income of $251 million on $2.5 billion in sales in 2019, according to its regulatory filing.