Rpt: Frontier Airlines Hires Banks to Plan IPO

Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter.

Frontier Airlines has hired Deutsche Bank, JPMorgan Chase and Evercore to manage the debut, the newspaper reported.

The Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, NYT said, citing sources.

A spokesman for Frontier Airlines, which is owned by private equity firm Indigo Partners, declined to comment. Deutsche Bank, JPMorgan Chase and Evercore were not immediately available for comment outside U.S. business hours.

Bloomberg had reported last year in March that the company had hired Barclays, Deutsche Bank, JPMorgan Chase, Citigroup to work on its IPO.

(Reporting by Rama Venkat Raman in Bengaluru; Editing by Sunil Nair)