Aspiring low-cost airline Jetsco files for $50 million IPO
Nov. 27, 2014, Vancouver - An aspiring low-cost airline is one step closer to takeoff after announcing plans to raise $50-million through an initial public offering.
November 27, 2014 By The Financial Post
Canada Jetlines Ltd. said Wednesday it has filed a preliminary prospectus to list on the TSX Venture Exchange following a reverse takeover of a capital pool company called Inovent Capital Inc.
“This is the bulk of the financing for the airline, so it’s very important,” Jetlines President Dave Solloway said in an interview.
Vancouver-based Jetlines said it hopes to begin flying by mid-2015. It plans to adopt the ultra-low-cost carrier model pioneered by companies like Ryanair in Europe and Spirit Airlines in the U.S., which offer a no-frills flying experience for significantly lower fares.
Jetlines said it intends to select routes that avoid direct competition with existing airlines where possible.
The IPO will be led by AltaCorp Capital Inc. and Euro Pacific Canada Inc.