Frontier Airlines cancels IPO

DENVER — Budget airliner Frontier Airlines has axed its planned initial public offering as the ongoing pandemic leaves the future of the air industry grounded.

In a notice to the U.S. Securities and Exchange Commission last week, the Denver-based airline said it no longer intends to execute the IPO it first filed for in 2017.

In June, Denver International Airport reported 1.75 million passengers for the month, a 72% drop compared to the same period last year. DIA serves as the central hub for Frontier.

Frontier was previously a public company until 2009, when the bankrupt Frontier agreed to be acquired by Republic Airways Holdings Inc. (Nasdaq: RJET) for $108 million. In 2012, Republic spun off Frontier, and the company was acquired by private equity firm Indigo Partners a year later.