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Frontier Airlines Is Reportedly Preparing Its IPO

January 6, 2017, 11:17 AM UTC
Second Texas Healthcare Worker Tests Positive For Ebola
CLEVELAND, OHIO - OCTOBER 15: A Frontier Airlines plane taxis the runway at Cleveland Hopkins Airport on October 15, 2014 in Cleveland, Ohio. Recently diagnosed Ebola patient, health care worker Amber Vinson, traveled on Frontier Airlines from Dallas to Cleveland with a low fever on October 10, and returned to Dallas on October 13. The aircraft has since been decontaminated and put back in service. Nurse Amber Vinson joins Nina Pham as health workers who have contracted the Ebola virus at Texas Heath Presbyterian Hospital while treating patient Thomas Eric Duncan, who has since died. (Photo by Michael Francis McElroy/Getty Images)
Photograph by Michael Francis McElroy — Getty Images

Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter.

Frontier Airlines has hired Deutsche Bank (DB), JPMorgan Chase (JPM) and Evercore to manage the debut, the newspaper reported.

The Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, the Times said, citing sources.

 

A spokesman for Frontier Airlines, which is owned by private equity firm Indigo Partners, declined to comment. Deutsche Bank, JPMorgan Chase and Evercore were not immediately available for comment outside U.S. business hours.

Bloomberg had reported last year in March that the company had hired Barclays, Deutsche Bank, JPMorgan Chase, Citigroup to work on its IPO.