This morning there was a bit of excitement, followed by a let-down, when looking through SEC Filings. Gulfstream International Group, Inc. has filed to come public via an IPO and will trade under the American Stock Exchange ticker "GIA". It has listed Taglich Brothers as the sole underwriter, and has only listed 1.15 million shares at a maximum indicated price of $13.00 per unit ($11.00 to $13.00 range).
Before you get too excited thinking that this is "Gulfstream Jet," unfortunately it is not. That is owned by General Dynamics (GD-NYSE), and that is NOT THIS Gulfstream. Pitty, because that would have been a great spin-off or at least generated a lot of coverage. This Gulfstream operates two subsidiaries: Gulfstream International Airlines, Inc. and Gulfstream Training Academy, Inc.
Gulfstream is a Fort Lauderdale, Florida-based commercial airline operating more than 200 flights per day with eleven destinations in Florida, ten destinations in the Bahamas, charter flights within its destination zone, and offers some charter flights to Cuba. Its fleet consists of 27 Beechcraft 19-seat, turbo-prop aircraft and eight Embraer 30-seat, turbo-prop aircraft. It has a principal code share and alliance agreement with Continental Airlines and is also party to code share agreements with United Airlines, Northwest Airlines and Copa Airlines of Panama.
Jon C. Ogg
July 6, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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