Pogo Jet Sets IPO Terms A Year (Or So) Ahead of Commercial Operations
In today’s tough economic climate, high-tech firms have been taking flight when it comes to their planned IPOs—delaying them or canceling them outright (think Archemix, BG Medicine, and so on). But Pogo Jet, a Chicopee, MA-based jet charter service—aimed, no doubt, at least partly at the high-tech business set—is letting its IPO ambitions soar. The company, which plans to serve NorthEast and select Canadian markets when it begins commercial operations in early 2009, has set its IPO terms—filing plans today with the SEC to offer 7 million common shares at between $12.50 and $16.50 per share.
The company is led by Robert Crandall, former CEO of American Airlines. It plans to launch operations with a fleet of VLJs, or very light jets, designed to make charter jet service nearly as affordable as a business class seat on commercial airlines. (The company makes its intended demographic pretty clear on its website when it says two passengers on one of its Eclipse 500 jets “could easily bring two golf bags, two rolling bags and two pieces of soft-sided luggage.”) We recently took a more in-depth look at the promise of VLJs in this article about a Pogo Jet competitor, Concord, MA-based Linear Air, which also flies the Eclipse 500.
Pogo Jet’s biggest shareholders are Tiger Partners of New York and its chairman, Julian Robertson: both hold 30.82 percent pre-IPO stakes, according to the company’s SEC filing. The airline intends to trade on the NASDAQ exchange under the symbol POGO.