Posted on: 15 April 2010 by Mark Howells
Porter Aviation Holdings has filed a preliminary prospectus with the Canadian securities regulatory authorities in each of the provinces and territories of the country in connection with a proposed initial public offering (IPO) of its shares.
No existing Porter shareholders will sell shares in the initial public offering.
The underwriting syndicate is led by RBC Capital Markets and also includes National Bank Financial, BMO Nesbitt Burns, CIBC World Markets, TD Securities, GMP Securities, Credit Suisse Securities (Canada), Raymond James and Versant Partners.
Porter says it intends to use the net proceeds of the IPO for working capital and other general corporate purposes, including potential acquisition of aircraft. Porter began operations in October 2006 with two aircraft. Its current fleet consists of 18 Bombardier Q400s, with two further deliveries scheduled for April 2010.