Frontier Group Holdings (NASDAQ:ULCC), the parent company of budget carrier Frontier Airlines, lost altitude in its stock market debut today. Shares of the company, which began trading on Thursday morning, closed the day at $18.85, or 0.8%, lower than their $19 initial public offering (IPO) price.
This is not the first time the airline has touched down on a stock exchange. In a previous corporate iteration, it was publicly traded but fell on hard times during the financial crisis of the late 2000s, and was acquired by private equity firm Indigo Partners. Indigo, whose affiliate still owns a large majority stake in the company post-IPO, molded it into a deep-discount carrier in the vein of Spirit Airlines (NYSE: SAVE).