As air travel shows more signs of rebounding from its pandemic lows, airlines that focus on offering cheap fares to leisure travelers are cashing in on the stock market.
Frontier Group Holdings Inc.’s initial public offering raised $570 million after shares of the Denver-based budget carrier were priced at $19 each. Sun Country Airlines Holdings Inc., which largely flies Midwesterners to sunny vacation locales, raised more than $250 million in its initial public offering in March.
U.S. airlines lost some $35 billion last year, and most are still losing money. But the stock-market offerings are a sign that investors are