Denver-based Frontier Airlines — and — are ready to go public.
The ultra-low cost carrier filed Friday for an initial public offering, that Frontier and its owner, private-equity firm , were preparing to seek public investors.
Frontier will be the first U.S. airline to go public in three years. The last was Virgin America, which held its IPO in 2014 and has since agreed to be acquired by Alaska Airlines for $2.6 billion.
The timing and expected proceeds of the stock sale were not disclosed, although people close to the matter have said , according to Bloomberg. Frontier would trade under the symbol “FRNT.”
Frontier spokesman Jim Faulkner declined to comment Saturday, other than to say the filing “speaks for itself.”
“Our goal is to offer the most attractive option for air travel with a compelling combination of value, product and service, and, in so doing, to grow profitably and enhance our position among airlines in the United States,” Frontier said in the filing.
The airline reported net income of $200 million in 2016, up nearly 43 percent since 2014. Of Frontier’s $1.7 billion in operating revenues in 2016, $726 million came from baggage fees and other non-ticket sources, according to the filing.
in 2014, “unbundling” the cost of economy-level tickets and charging add-on fees for everything from seat selection to carry-on bags. The transition has not been without some , including ܱ.
As part of the move, Frontier has also worked to, the airline said in the filing. In December 2013, more than 90 percent of Frontier flights originated or ended in Denver. In December 2016, that number had fallen to about 45 percent.
In 2015, in an effort to “right size” operations at its hometown hub.
Indigo Partners, led by veteran airline executive William Franke, purchased Frontier from Republic Airways for $145 million — $36 million in cash and the rest in assumed debt — in late 2013. Republic itself had bought Frontier out of bankruptcy protection in 2009 for $108.8 million.
Attorneys and financial analysts for the union that represents Frontier’s pilots were reviewing the filing Saturday, said Tracy Smith, chairman of the Frontier Airlines Master Executive Council of the Air Line Pilots Association.
“We intend to keep moving forward with our goal of achieving a contract that raises Frontier pilots into the pattern of our peers at the earliest possible time,” Smith said in a statement. “Overall, this announcement is a very positive move for our careers and our airline.”
