Shares of Air Canada (TSX : AC.A) slipped in morning trading during its market debut on the Toronto Stock Exchange.  The recently spun off IPO of ACE Aviation Holdings was priced at $21 per share, but the stock fell by about 6% to trade at $19.75 as of noon EST.  The IPO raised C$605 million with $325million for ACE.  When the IPO is complete, ACE will continue to control 75% of the company and Air Canada will have $2 billion in cash or cash equivalents.
An interesting side note, the last time shares of Air Canada traded publically, they were going for 6 cents back in August 25, 2004.  That was the day they got delisted from the stock exchange, after having been in bankruptcy protection for 16 months.