Business

Porter cancels public offering

Toronto-based Porter Aviation Holdings Inc. has put on hold plans to list itself as a publicly traded company.

Airline calls markets too volatile

Toronto-based Porter Aviation Holdings Inc. has put on hold plans to list itself as a publicly traded company.

The airline blamed unfavourable market conditions caused by volatility in the equity markets.

Porter Aviation has cancelled plans to go public because of volatility in the stock markets. ((Adrian Wyld/Canadian Press))
 

"Given current market conditions, we believe it is prudent to defer the offering at this time," Porter Aviation president and chief executive Robert Deluce said in a statement.

"Our company is well-positioned to wait until the equity markets stabilize before deciding whether to proceed with a new public offering."

The regional airline, based at Billy Bishop Toronto City Airport on an island in the city's harbour, had planned to use the proceeds to acquire more aircraft.

Porter, which began operations in 2006, flies short-haul routes within Canada and to the United States. It has expanded rapidly, recently adding routes to Sudbury in northern Ontario and to Moncton, N.B.

With files from The Canadian Press

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