May 5 (Bloomberg) -- Porter Aviation Holdings Inc., the owner of a Canadian airline formed in 2006, plans to raise as much as C$140 million ($136 million) in its initial public offering, according to sale documents sent to investors.
Porter is selling 17.1 million to 20 million shares for between C$6 and C$7 each the week of May 17, the documents show. The sale is expected to close the week of May 24.
Porter, based at the island airport in Toronto’s harbor, serves 11 cities including Ottawa, Montreal, Boston, Chicago and the New York City area using a fleet of 20 Bombardier Inc. Q400 planes. Porter said in an April 16 filing that it may buy as many as seven more aircraft in the next year.
Royal Bank of Canada is leading a group of nine banks managing the sale. The bank group has the option to sell an additional 15 percent, pushing the total raised to as much as C$161 million.
Porter started with C$125 million from investors including Borealis Infrastructure, which invests for the Ontario Municipal Employees Retirement System, EdgeStone Capital Partners, GE Asset Management and Dancap Private Equity Inc.
Porter spokesman Brad Cicero declined to comment today on the sale.
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