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Wednesday, April 21, 2021

Frontier Airlines shares fall on first day of trading

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Shares of parent company Frontier Airlines fell 0.8% on their first day of trading Thursday.

The low-budget carrier said on Wednesday night it had raised $ 570 million in an initial public offering, the latest U.S. airline to go public as the industry began to see signs of recovery from the pandemic of Covid.

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Denver-based Frontier sold 30 million shares at a price of $ 19 each, the low end of the target range, earning it a valuation of around $ 4 billion.

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The shares began trading under the symbol ULCC, the initials of the ultra-low-cost carrier, on the Nasdaq Global Select Market.

Frontier filed for publication last month after scrapping plans over the summer as the industry battled the pandemic.

Another low-budget carrier, Sun Country Airlines, went public last month.

Correction: An earlier version of this article incorrectly declared the first day of trading in a bullet.

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