Porter Airlines' IPO document reveals red ink, but management sees lots of blue sky

Hoping to capitalise on the recent upswing in airline stocks, Porter Aviation Holdings on 16-Apr-2010 filed its preliminary prospectus for an initial public offering. Porter did not specify the number of shares that will ultimately be made available, nor the price it expects to achieve. However, it is targeting CAD120 million as proceeds from the IPO. Current stockholders would not be selling any shares.