21-May-2010 12:00 PM

Porter Airlines delays details of IPO

Porter Airlines delayed announcing details of its proposed IPO until 27-May-2010 with reports claiming the carrier will seek to raise CAD120 million with 17.1-20 million shares to be released at CAD6-CAD7 each (Globe and Mail, 20-May-2010). Porter plans to use funding from the IPO to finance the purchase of seven new Bombardier Q400 turboprops over the next year.