IPO Market in Tailspin—Pogo Jet Latest to Pull Offering
Just four weeks ago, we wrote about Pogo Jet setting its IPO terms—noting that while other firms were taking flight from their initial public offering plans as the economy went into a nosedive, the Chicopee, MA-based jet charter service led by former American Airlines CEO Robert Crandall was “letting its IPO ambitions soar.” Indeed, even though it doesn’t expect to begin commercial operations with a fleet of very light jets (VLJs) until next year, the firm had filed plans with the SEC to offer 7 million common shares at between $12.50 and $16.50 per share.
It looks like news of the souring economy has finally reached Chicopee, as Pogo Jet announced yesterday that it has postponed its IPO “due to current market conditions.” Apparently, news of the flight delay hasn’t reached everyone at the firm, though. As we wrote this today, Pogo Jet’s homepage still carried the happy announcement: “POGO IS GOING PUBLIC” (which, presumably, it still is). And you could find all the details of Pogo Jet’s offering plan, an “OpenIPO” auction, here.
Meanwhile, just in case you’re keeping score, here’s our updated list of other New England firms that have pulled or postponed their IPO or secondary offering plans so far this year:
Archemix — Cambridge, MA-based biotech
Athenahealth (secondary public offering) — Watertown, MA, provider of business services for medical practices
BG Medicine — Waltham, MA-based molecular diagnostics firm
Elixir Pharmaceuticals — Cambridge-based biotech