Pogo Jet Inc., a Chicopee, Mass.-based on-demand jet charter service focused on the East Coast, has postponed its IPO, due to “market conditions.”
The company is in registration to sell 7 million common shares at between $12.50 and $16.50 per share. It would have an initial market cap of around $175 million, were it to price at the high end of its range. The company plans to trade on the Nasdaq under ticker symbol POGO, with W.R. Hambrecht serving as lead underwriter (via its OpenIPO process).
Backers include Tiger Partners (30.82% pre-IPO stake), Village Ventures, Worcester Capital Partners and Long River Capital Partners.
Pogo Jet’s service is not expected to launch until 2009. www.flypogo.com