Frontier Group Holdings, an ultra low-cost US airline carrier that serves approximately 110 airports, filed on Monday with the SEC to raise up to $100 million in an initial public offering. Frontier previously filed for an IPO in March 2017, but withdrew in July 2020.
Frontier is an ultra low-cost carrier that offers flights throughout the US and to select near international destinations in the Americas. As of December 31, 2020, the company had a fleet of 104 narrow-body Airbus A320 family aircraft, and a commitment to purchase 156 A320neo family aircraft by the end of 2028. In 2019 and 2020, Frontier served approximately 23 million and 11 million passengers, respectively, across a network of approximately 110 airports.
Low-cost airline peer Sun Country Airlines (SNCY) is scheduled to raise $200 million at a $1.3 billion market cap next week.
The Denver, CO-based company was founded in 1994 and booked $1.3 billion in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol FRNT. Frontier Group Holdings filed confidentially on January 25, 2021. Citi, Barclays, Deutsche Bank, Morgan Stanley, Evercore ISI, BofA Securities, Goldman Sachs, J.P. Morgan, Nomura Securities, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
