StandardAero (SARO Proposed) increased its IPO’s size by 29 percent early today to raise $1.29 billion – up from $1 billion originally. In an S-1/A filing dated today – Friday, Sept. 27, 2024 – StandardAero upsized its IPO to 60 million shares – up from 46.5 million initially – and kept the price range at $20.00 to $23.00 – to raise $1.29 billion, if priced at the $21.50 mid-point of its range.
Of the 60 million shares in the IPO, the aerospace engine aftermarket services company is offering 53.25 million shares and the selling shareholders are offering 6.75 million shares. The selling shareholders are affiliates of The Carlyle Group and GIC Private Limited, the prospectus said. The company will not receive any proceeds from the sale of the selling shareholders’ stock.
StandardAero’s IPO is set for pricing Tuesday night, Oct. 1, 2024, to trade Wednesday, Oct. 2, 2024, on the New York Stock Exchange.
J.P.Morgan and Morgan Stanley are the leading joint book-runners. The book-running team includes BofA Securities, UBS Investment Bank, Jefferies and RBC Capital Markets. Other investment banks on the team include Carlyle, CIBC Capital Markets, HSBC, Mizuho Securities, Societe Generale and Wolfe Nomura Alliance.
StandardAero says it will use the IPO’s proceeds to pay off about $908.2 million in debt, according to the prospectus.
StandardAero, Inc., based in Scottsdale, Arizona, says it believes that it is “the world’s largest independent pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets,” according to the prospectus. The company is Incorporated in Delaware.
StandardAero is not profitable. For the year that ended Dec. 31, 2023, StandardAero reported a net loss of $35.1 million on revenue of $4.56 billion, according to the prospectus.
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