Frontier Airlines IPO raises $570m at low end

Frontier Group, which operates budget carrier Frontier Airlines, priced its US IPO at the bottom of a marketed range, according to people familiar with the matter. The company’s shares sold for $19 apiece, according to the people, who asked not to be identified because the information wasn’t public yet. The company and its shareholders sold 30 million shares in all, one of the people said. The company and the investors had each offered 15 million share for $19 to $21 each. At $19 a share, Frontier will have a market value of about $4b based on the outstanding shares listed in its filings. William Franke, Frontier’s 83-year-old chairman and biggest shareholder, planned to sell 14.2m of the shares, filings with the US SEC show.<br/>