Low-cost carrier Frontier aims for $4.52b valuation in US IPO

Frontier Group is aiming for a valuation of $4.52b in its US IPO, according to a regulatory filing by the low-cost carrier on Tuesday, as the industry prepares for a rebound from pandemic-driven travel lows. US airlines are beginning to emerge from the pandemic-induced crisis that has opened doors for carriers catering to domestic leisure travel, which is rebounding quicker than business and international travel, particularly as more people receive COVID-19 vaccines. Budget carriers are also expected to bounce back quicker than larger rivals, thanks to their lower-cost structures and focus on domestic leisure travel. Frontier, which withdrew listing plans in July, filed again this month, while Apollo Global Management-backed Sun Country Airlines made its successful stock market debut. Frontier plans to sell 30 million shares priced between $19 and $21 per share, aiming to raise about $630m.<br/>