Shares of Frontier Airlines’ parent company fell 0.8% in their first day of trading on Thursday.
The budget carrier said late Wednesday it raised $570 million in an initial public offering, the latest U.S. airline to go public as the industry starts to see signs of a recovery from the Covid pandemic.
Denver-based Frontier 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.
The shares started trading under the ticker ULCC, the initials of ultra-low-cost carrier, on the Nasdaq Global Select Market.
Frontier filed to go public last month after dropping plans over the summer as the industry was struggling through the pandemic.
Another budget carrier, Sun Country Airlines, went public last month.