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Frontier Airlines raises $570 million in IPO, starts trading today

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Frontier Airlines Airbus A320 takes off from Los Angeles international Airport on August 27, 2020 in Los Angeles, California.

AaronP | Bauer-Griffin | GC Images | Getty Images

Frontier Airlines raised $570 million in an initial public offering, the latest U.S. carrier to take that route as the industry starts to see signs of a recovery, the company said late Wednesday.

The Denver-based budget carrier sold 30 million shares that priced at $19 apiece, the low end of the target range, which gave it a valuation of about $4 billion.

Frontier starts trading Thursday under the ticker ULCC, the initials of the ultra-low-cost carrier, on Nasdaq Global Select Market.

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