That’s down from its $19 IPO price and little changed from its $18.61 opening price on the Nasdaq GS Stock Exchange.
Frontier raised $570 million in the IPO, giving it a market value of about $4 billion, according to Bloomberg.
In its prospectus, Frontier noted the challenges of the COVID-19 pandemic.
“We have experienced a significant decline in demand related to the COVID pandemic, which has caused a material decline in our revenues and negatively impacted our business, operating results, financial condition and liquidity, with approximately $2 million per day on average of cash burn during the year ended December 31, 2020,” the company said.
“We have worked diligently to navigate such challenges by implementing disciplined capacity deployment, by taking steps to protect liquidity and cash flow and by being an industry leader with respect to the implementation of new health and safety initiatives.”
So, “due to such efforts, we believe we are well positioned to take advantage of the anticipated demand recovery as vaccine distribution continues,” Frontier said.
Frontier said a study showed about 90% of its customers are leisure travelers.
“We believe the restrictions and health concerns that have depressed demand during the pandemic are also likely to lead to increased levels of pent-up demand for leisure travel once the effects of the pandemic decrease,” the company said.
“As a result, we expect to see a significant recovery in our performance as the U.S. market recovers.”