StandardAero, a provider of aerospace engine aftermarket services, raised the proposed deal size for its upcoming IPO on Friday.
The Scottsdale, AZ-based company now plans to raise $1.3 billion by offering 60 million shares (11% secondary) at a price range of $20 to $23. StandardAero previously filed to offer 46.5 million shares (100% primary) at the same range. At the midpoint of the range, the offering would raise 29% more in proceeds than previously anticipated.
At the midpoint of the range, StandardAero would now be the year's fourth-largest IPO, behind Lineage (LINE), Viking (VIK), and Amer Sports (AS).
Acquired by Carlyle in 2019, StandardAero is a leading independent provider of aerospace engine aftermarket services, consisting of maintenance, repair, and overhaul solutions for fixed and rotary wing aircraft across commercial, military, and business aviation sectors. The company has longstanding relationships with both engine manufacturers and aircraft operators, and is authorized by OEMs such as GE Aerospace, CFM International, and Rolls Royce. The company highlights its support of the CFM56 engine, which powers the Boeing 737NG and Airbus A320ceo family of aircraft.
StandardAero's predecessor was formed in 1911 and the company booked $4.8 billion in sales for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol SARO. J.P. Morgan, Morgan Stanley, BofA Securities, UBS Investment Bank, Jefferies, RBC Capital Markets, Carlyle, CIBC World Markets, HSBC, Mizuho Securities, Societe Generale, and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of September 30, 2024.
