DUBLIN: The Dublin based firm said Avolon Aircraft leasing company Holdings set out plans on Monday to list shares on the New York Stock Exchange and raise $286 million to $314 million for shareholders.
And Avolon, backed by private equity firms Cinven Limited, CVC Capital Partners Limited and Oak Hill Capital Partners, as well as Singapore’s sovereign wealth fund, set its initial public offering (IPO) price at $21 to $23 per share.
The leases aircraft and manages leasing company services for airlines and aircraft investors, said it will offer just under a fifth of its outstanding shares in the IPO, giving it an equity value of about $1.8 billion. According to its registration statement filed Avolon has also raised $4.2 billion in debt with the U.S Securities and Exchange Commission.
Further the companies were looking to buy Avolon for between $4 billion and $5 billion. Avolon registered with financial regulators in June for an IPO in the United States, but was then approached by China Investment Corporation (CIC) and AVIC Capital Company Limited.
The company has raised more than $7 billion since its launch in 2010 in capital. Avolon had a fleet of 227 aircraft, including 93 it has committed to acquiring, at the end of September, serving 49 customers in 27 countries.
Its customers include American Airlines Group Industries, Air France-KLM, Ryanair Holdings Public and India’s IndiGo. Avolon’s focus is on single aisle aircraft made by Boeing Company and Airbus Group.
