The owners of Frontier Airlines hope to sell 30 million shares at between $19 and $21 per share in an IPO.
The Denver-based carrier, whose lead investor is Indigo Partners, expects to trade on the Nasdaq exchange using the ticker symbol ULCC, it said in a regulatory filing Tuesday. ULCC is commonly used in the airline industry as an acronym for ultralow-cost carrier.
The date on which Frontier stock will go on sale for the general public has not been set.
Frontier reported a net loss in 2020 of $225 million -- compared with net income of $251 million in 2019 -- and total operating revenues of $1.25 billion, approximately half of its 2019 total.
However, the carrier said in the filing that its low-cost, leisure-focused business model is well positioned to outperform the overall airline industry as travel recovers.
Frontier would be the second U.S. airline to go public this year, following the listing last week of Sun Country, a discount carrier that also focuses on charter and cargo flying.
Sun Country's initial share price on March 17 was $24. The stock was trading at approximately $34 shortly before closing Tuesday.
Frontier's offering includes 15 million shares put up by existing shareholders and 15 million shares put up by the carrier. Combined, the company estimates the offering will raise approximately $600 million.