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Cleared for takeoff: Air transportation services provider PHI Group files for a $100 million IPO

October 4, 2023
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PHI Group, which provides helicopter transportation services to the oil and air medical industries, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

PHI Group provides flight services for the global oil and gas exploration and production industry and the air medical industry. The company holds a significant market position with its upstream oil and gas customers in the Gulf of Mexico, and it also conducts business in other major international markets, including Australia, Canada, Trinidad, New Zealand, the Philippines, West Africa, and the Mediterranean.

The Lafayette, LA-based company was founded in 1949 and booked $831 million in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol ROTR. PHI Group filed confidentially on July 21, 2023. Barclays, Goldman Sachs, Evercore ISI, Piper Sandler, Raymond James, and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.