September 23, 2011 / 12:12 PM / 6 years ago

Porter Airlines IPO won't come anytime soon: report

(Reuters) - Porter Airlines Inc has again suspended plans for an initial public stock offering, a newspaper reported on Friday, put off by a precarious economic outlook and a sharp slide by equity markets.

“There isn’t any real merit in us rushing the IPO. It makes sense to wait until market conditions are appropriate,” Porter chief executive officer Robert Deluce told the Globe and Mail newspaper.

“I don’t even want to predict when it might be now. If somebody can tell when things will get back to normal, and when there is a better market for doing an IPO, then I could tell you when we might do it. There is a lot of uncertainty out there,” said Deluce.

Even so, Deluce indicated he would like to take another run at launching an IPO next year.

Porter attempted an IPO in the spring of 2010, but scrapped the financing plans, citing unstable markets at the time.

Closely held Porter, which flies from Billy Bishop Toronto City Airport near the city’s downtown core, is in solid financial shape, Deluce told the Globe and Mail.

After launching in October 2006, Porter has carved out a niche by focusing on business travel between Toronto, Montreal and Ottawa. It also operates flights between Toronto and several U.S. destinations.

Editing by Frank McGurty

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