Frontier Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Frontier Group Holdings, Inc. announced the closing of its initial public offering of 30 million shares at $19.00 each. The offering comprised 15 million shares sold by the company and 19.5 million shares from existing stockholders, including 4.5 million shares from an exercised underwriters’ option. Although the shares commenced trading on the Nasdaq on April 1, 2021, Frontier did not receive proceeds from the stockholders' sales. Citigroup, Barclays, and Morgan Stanley were among the lead bookrunners for this offering.

Positive

• Successful completion of 30 million share IPO at $19.00, raising substantial capital potential.

Negative

• No proceeds received from shares sold by existing stockholders, which may affect future funding.

DENVER, April 06, 2021 (GLOBE NEWSWIRE) -- Frontier Group Holdings, Inc. (“Frontier”) today announced the closing of its initial public offering of 30 million shares of its common stock at a price to the public of $19.00 per share. The offering consisted of 15 million shares of common stock sold by Frontier and 19.5 million shares of common stock sold by certain of Frontier’s existing stockholders, including the exercise in full of the underwriters’ option to purchase up to an additional 4.5 million shares of common stock from a selling stockholder. Frontier did not receive any proceeds from the sale of the shares by the selling stockholders.

The shares began trading on the Nasdaq Global Select Market on April 1, 2021 under the ticker symbol “ULCC.”

Citigroup, Barclays, Morgan Stanley, Deutsche Bank Securities and Evercore ISI acted as lead bookrunners for the offering. BofA Securities, J.P. Morgan, Nomura, UBS Investment Bank, Cowen and Raymond James acted as additional bookrunners for the proposed offering.

Copies of the final prospectus relating to this offering may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-800-831-9146; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at barclaysprospectus@broadridge.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York NY, 10005, by telephone at 1-800-503-4611 or by email at prospectus.cpdg@db.com or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com.

A registration statement relating to the sale of these securities was filed with the Securities and Exchange Commission and became effective on March 31, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Frontier Airlines
Frontier Airlines is committed to “Low Fares Done Right.” Headquartered in Denver, Colorado, the company operates more than 100 A320 family aircraft.

FAQ

What was the price per share in Frontier's IPO?

The initial public offering price was $19.00 per share.

How many shares were sold in Frontier's IPO?

A total of 30 million shares were sold in the IPO.

When did Frontier's shares start trading on Nasdaq?

Frontier's shares began trading on April 1, 2021.

Who were the lead underwriters for Frontier's IPO?

Citigroup, Barclays, and Morgan Stanley were the lead bookrunners for the offering.