Wheels Up (WUP, Teterboro) is planning its initial public offering (IPO) within the next 12 to 18 months, CEO Kenny Dichter said at NBAA 2018.

As reported by AIN Online, the business charter specialist has already consulted the plan with financial advisors, although it is yet to select partners for its IPO. Dichter admitted that the five-year-old company was so far loss-making, but said he hoped that the EBITDA would be positive in 2019. He did not reveal how much Wheels Up would be looking at raising from the IPO.

The business charter specialist is also planning to launch operations in Europe, where it has already identified eighty-five aircraft for possible management on the continent.

Dichter furthermore said that Wheels Up would continue to focus on Beech (twin turboprop) King Air 350is as the backbone of its fleet. Its technical partner AL!GMU currently operates seventy-two turboprops of the type; Wheels Up expects the deliveries of a further up to thirty-five units.

The carrier also operates fifteen Cessna Aircraft Company Citation XLSs and six recently added Citation Xs.