Fans of Frontier Airlines can now buy a piece of the budget carrier
Frontier Airlines is betting that the budding recovery in leisure travel is for real.
Shares of the discount carrier began public trading Thursday, edging lower in midday trading. The Denver-based airline and its private owners sought to raise $570 million before costs from the IPO after pricing 30 million shares at $19, the low end of a $19 to $21 target. The stock opened at $18.61, then bumped up to $19.06 before dipping back down to $18.54.
CEO Barry Biffle said Frontier will remain focused on the leisure-travel market, unlike bigger airlines that depend on high-paying business travelers.
“It’s not going to change how we run the business,” Biffle said in an interview. “The strategy is the same.”
Source news reuters.com, click here to read the full news.