Call me a cynic, but I am suspicious about the timing of Pogo Jet’s initial public offering to raise more than $100 million to launch its air taxi service.
We’ve hardly heard from Pogo since it was formed in 2001 – except for announcing an order for Adam A700 very light jets that not-so-mysteriously evaporated. Now, just as DayJet and Linear Air are on the verge of launching the first air-taxi services to use Eclipse 500 VLJs, Pogo is back in the news, looking for money.
The timing of its IPO makes sense. It can ride the publicity as DayJet begins operations and bank the money before it becomes clear whether the air-taxi model works. I note that DayJet and Eclipse have raised millions in private equity and are waiting to prove they can deliver aircraft and attract customers before they go the IPO route.
But then I am a cynic.