Regional Canadian airline company Porter says it wants an IPO

Porter Airlines says it is readying IPO to fund future growth

Update Apr 17 11:20am: Confirmed, RBC Capital Markets is an underwriter

The Canadian airline company, Porter Inc., confirmed today the company plans to go public with an initial public offering (IPO) to raise capital.

The company declined to answer when it could happen, nor any other information including who the underwriters would be and what type of underwriting would be used such as a firm commitment underwriting.

The regional aviation company currently flies planes from Toronto’s downtown island airport to destinations in both Canada and the United States.

The company continues to experience strong growth as more and more people are using the service to also take advantage of its lower offered rates compared to competitors like Air Canada. The company currently operates eighteen aircraft, compared to starting with only two planes in its first fiscal year in 2006. The company also recently added more destinations.

Porter says the capital it raises from the equity offering would be used for working capital and to acquire additional equipment and aircraft to meet growing demand.

There is currently no indication as to what price range the stock will firstly be offered, but more information will become available when the underwriters become known. We can likely expect both American and Canadian investment banks to participate in the underwriting.

Investors are currently cautious when it comes to investing in airline stocks because of continued volatility in crude prices, and the expected upward pressure on the price of crude as the global economy begins to recover.

Porter is funded by various investors, including General Electric Asset Management, EdgeStone Capital Partners, among other investors.


tag TAGS: , ,
Short URL: http://business2press.com?p=5631
Recommended:
b2p Ensure that you follow us on Twitter and Like us on Facebook
Peggy holds a Bachelor Arts degree with honors in Economics from York University in Toronto, Canada. She is a Certified Management Accountant (CMA). She has also passed Level I of the Chartered Financial Analyst (CFA) Program. She is also a realtor. Write to peggy@business2press.com
checkmark
We are perfectly committed to the highest ethical and professional codes of conduct and standards in the industry on a firm wide basis. Learn more about us, our contributors, and our governance
b2p
We encourage you to comment. Comments are moderated. Comments that are abusive, off-topic, have marginal substance, or include promotional content will be removed. We cannot facilitate requests to edit or remove comments, or explain moderation decisions

Business 2.0 Press publishes exclusive business tech news and analysis covering start-ups to large-caps from Bay & Wall streets since 2008 from a group of highly knowledgeable industry professionals that abide by the toughest industry codes of conduct and professional standards lightMore

lightAdd value by subscribing (RSS)

logo

StockFractions.com has the most stock ratios for public companies. Get the most comprehensive micro insight on public firms available on the web, all for free.
Stock Fractionsgo

title

Colon cancer is one of the leading causes of death. Irrespective of family history, everyone is exposed to the risk. About 90% of colon cancer cases begin from non-cancerous tumors, polyps, which could form in the large bowel. Screening with a colonoscopy will painlessly remove any polyps hence almost entirely reducing your risk of developing the horrible disease. The good news is that about 90% of colon cancer cases are preventable through a simple (yes, simple) colonoscopy.
Learn moreatom
Public service message from Business 2.0 Press