WestJet, the Calgary-based scheduled airline, is weighing an initial public offering (IPO) following a significant stake sale. In October 2025, Onex sold 25% of WestJet to Delta Air Lines, Korean Air, and Air France-KLM for USD550 million, reshaping the airline's ownership structure. Delta now holds 12.7%, Korean Air 10%, and Air France-KLM 2.3%, with Onex maintaining control.
According to industry sources, Tawfiq Popatia of Onex Partners indicated that an IPO is a logical next step for WestJet, considering the airline's size and capital needs. The move comes as WestJet continues its post-privatization overhaul, focusing on growth in western Canada, expanding international routes, and upgrading its fleet. The airline has recently ordered sixty B737-10 aircraft and seven B787-9s from Boeing, with further options, aiming to double its widebody fleet and increase its aircraft orders.
Despite offloading a significant stake, Onex remains the controlling shareholder, allowing WestJet to retain strategic direction while recovering its investment. The company’s growth plans include fleet expansion and potential market entry avenues, illustrating its readiness for an IPO in the coming years as it continues to strengthen its position in the North American and international markets.
