Frontier Airways shares fall on the primary day of buying and selling

Frontier Airlines’ parent company shares fell 0.8% on Thursday’s first day of trading.

The low-cost airline announced late Wednesday that it had raised $ 570 million in an initial public offering. This is the latest US airline to go public as the industry sees signs of recovery from the Covid pandemic.

Denver-based Frontier sold 30 million shares at $ 19 each, the low end of the target range, which equates to a valuation of approximately $ 4 billion.

The shares were traded on the Nasdaq Global Select Market under the ticker ULCC, the initials of the ultra-low-cost carrier.

Frontier went public last month after plans were dropped in the summer as the industry struggled with the pandemic.

Another low-cost airline, Sun Country Airlines, went public last month.

Correction: In a previous version of this article, the first trading day was incorrectly indicated with a bullet point