Speaking of the IPO market….

This just hit the newswire:

Porter Aviation Holdings Inc. files preliminary prospectus

TORONTO, April 16 /CNW/ – Porter Aviation Holdings Inc. (Porter) today filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with a proposed initial public offering of its shares. No existing Porter shareholders will sell shares in the initial public offering.

The underwriting syndicate is led by RBC Capital Markets Inc. and also includes National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., TD Securities Inc., GMP Securities L.P., Credit Suisse Securities (Canada) Inc., Raymond James Ltd. and Versant Partners Inc.

A copy of the preliminary prospectus has been filed on SEDAR and is available for review at www.sedar.com.

Porter intends to use the net proceeds of the proposed offering for working capital and other general corporate purposes, including potential acquisition of aircraft. Porter began operations in October 2006 with two aircraft. The current fleet consists of 18 aircraft, with two further deliveries scheduled for April 2010.

MRM