Carlyle-backed StandardAero prices IPO above range to raise $1.44 billion, sources say
StandardAero prices IPO above range at $24/shr
Company and investors sell 60 million shares to raise $1.44 bln
IPO values StandardAero at about $8 billion
Shares to start trading on NYSE on Wednesday
Updates details on pricing from sources in paragraphs 1-2
By Echo Wang
NEW YORK, Oct 1 (Reuters) -StandardAero SARO.N, a U.S. aircraft maintenance services provider, priced its U.S. initial public offering above its indicated range to raise $1.44 billion, people familiar with the matter said on Tuesday.
Scottsdale, Arizona-based StandardAero, which is backed by buyout firm Carlyle CG.O, priced its offering at $24 apiece, above its range of $20 to $23, the sources said, requesting anonymity as the discussions are confidential.
The company and some of its existing shareholders sold 60 million shares, the sources said, making it the biggest U.S. IPO since cold-storage warehouse operator Lineage LINE.O raised $4.45 billion in June.
The IPO values StandardAero at roughly $8 billion, based on about 334.5 million outstanding shares.
StandardAero, which upsized its IPO last week, and Carlyle did not respond to requests for comment.
Founded in 1911, StandardAero provides maintenance, repair and overhaul services to clients in sectors such as commercial and military aviation, as well as energy. The company partners with major aircraft engine makers, including Rolls-Royce RR.L and GE Aerospace GE.N-backed CFM International.
StandardAero reported a net profit of $8.6 million on revenue of $2.6 billion in the first half of 2024, compared with a loss of $12.6 million on revenue of $2.31 billion a year earlier, according to its most recent regulatory filing.
Carlyle acquired StandardAero from buyout firm Veritas Capital for about $5 billion in 2019.
The IPO comes as U.S. equity capital markets are starting to bounce back slowly, after a lackluster summer that was hampered by market volatility that forced many companies to postpone their offerings.
Reuters was first to report in April that Carlyle was weighing options for StandardAero, including a possible IPO.
StandardAero's shares are expected to start trading on the New York Stock Exchange on Wednesday under the ticker 'SARO'.
JPMorgan and Morgan Stanley are the lead underwriters for the offering.
Reporting by Echo Wang in New York; Editing by Anirban Sen, David Evans and Jamie Freed
Mga Kaugnay na Asset
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
