Surf Air Mobility shares were issued a reference price of $20 by the New York Stock Exchange to guide investors when the stock starts trading Thursday in the first significant direct listing in almost two years. Unlike a traditional initial public offering in which shares are sold at the offer price before trading begins, the reference price in a direct listing is merely an estimate of their value, providing a price for trading to begin. Surf Air, located at the Hawthorne Municipal Airport in the Los Angeles area, is listing as IPOs are slowly rebounding from a slump that has lasted for more than a year. In listings on US exchanges this year, 97 companies have raised a combined total of $13.8b, compared with almost $19b at this point in 2022 and a record-setting $226b the previous year, according to data compiled by Bloomberg. Despite widespread interest, direct listings have been used by only a handful of well-known companies, such as Spotify Technology SA, Slack Technologies Inc. and Coinbase Global Inc. Most recently, eyewear retailer Warby Parker Inc. went public via a direct listing in September 2021. Surf Air launched its plan for a direct listing in the wake of a collapsed blank-check merger that would have taken the company public at a $1.42b valuation. In a direct listing, companies typically don’t raise fresh capital and existing investors can usually begin selling shares on the first day of trading without the lockup period restrictions of an IPO. Because banks don’t underwrite shares as they do in an IPO, direct listings also can save on banking fees and the time spent on an investor roadshow.<br/>
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Canadian carrier Porter Airlines continues plotting westward expansion with a new transcontinental route to be operated with its growing fleet of Embraer 195-E2s. The Toronto-based regional carrier said on 25 July it will begin daily flights between Ottawa and Edmonton starting 4 October using the new 132-seat E-jets, which have about 6h of range. Embraer puts the type’s range at 2,600nm (4,815km). “The addition of this route provides a higher level of connectivity across our network between Eastern and Western Canada,” says Kevin Jackson, Porter’s CCO. On July 26, Porter flew for the first time between Ottawa and Vancouver. Since taking delivery of the first two of its 50-strong order for E195-E2s in December 2022, the carrier has focused on growing its presence in Western Canada. Last month, Porter said it would operate daily flights between Toronto and Victoria, British Columbia starting 20 September, complementing the five daily round-trip flights between Toronto and Vancouver the carrier plans to operate starting in August. Porter will also begin flying from Toronto to Winnipeg and St John’s in September. The second stage of its expansion will involve flights to warm-weather destinations in the Caribbean, Mexico and USA. “We are now expanding beyond our regional footprint and really focusing on elevating economy air travel across North America,” CE Michael Deluce told FlightGlobal during a May interview. Cirium fleets data show that Porter operates 14 E195-E2s and 28 De Havilland Canada Dash 8-400s. <br/>
ndiGo operator InterGlobe Aviation said on Wednesday it is working with Pratt & Whitney to assess any potential impact on its fleet, after a warning from the US engine maker spooked global airlines. Pratt's owner Raytheon said on Tuesday that a "rare condition" in powdered metal meant 1,200 of more than 3,000 engines, built for the twin-engined Airbus A320neo between 2015 and 2021, have to be removed from planes and inspected for micro cracks that would point to fatigue. The news comes a month after Indian budget carrier IndiGo placed a record order for 500 narrowbody jets from Airbus (AIR.PA). The airline said at the Paris Airshow it had not yet decided which engine supplier to use for this order. It switched supplier from Pratt to GE-Safran venture CFM International about four years ago following issues with engine durability. IndiGo still has almost 480 jets left in the Airbus pipeline from previous orders. "We are working closely with P&W to assess and minimise any potential impact to our fleet," InterGlobe said in a statement on Wednesday. Pratt is already facing turbulence in India. IndiGo's smaller rival Go First, which plunged into financial crisis this year, has blamed "faulty" Pratt engines for the grounding of about half its 54 Airbus A320neos. Pratt has said the claims are without merit.<br/>
Low-cost carrier Jetstar Asia plans to hire more than 200 pilots and cabin crew as part of efforts to rebuild capacity post-Covid-19. Two more Airbus A320 aircraft will join its fleet of seven by the end of 2023. Announcing these plans in a LinkedIn post on Tuesday, Jetstar Asia CE Barathan Pasupathi said plans are also afoot to add more planes to the airline’s stable in the next year and a half. He did not give details. “We are embarking on an exciting chapter of sustainable growth,” Pasupathi said. The Singapore-based airline, he added, intends to rehire a number of pilots who left at the peak of the pandemic. Jetstar Asia, jointly owned by Singapore investment company Westbrook Investments and Australian flag carrier Qantas, will also induct new cadet pilots and cabin crew interns. In addition, it will hire graduates from aviation academies through a direct-entry recruitment programme. A Jetstar Asia spokesman said it already has the crew needed for the two A320s that will be added to its fleet in 2023. “We are now commencing a recruitment programme for roles required over the next 12 months and seeing strong interest,” she said. In July 2020, when borders were shut and air travel demand nosedived because of the Covid-19 pandemic, Jetstar Asia cut about 180 jobs, or a quarter of its Singapore-based workforce. Between 2020 and 2022, the carrier shed 11 A320s, reducing its fleet size from 18 to seven. Since then, international air travel in Asia-Pacific has been recovering steadily.<br/>