StandardAero, a leading provider of aerospace engine aftermarket services, raised $1.4 billion by offering 60 million shares (11% secondary) at $24, above the range of $20 to $23.
The company had originally filed to offer sell 46.5 million shares (100% primary), before increasing the share offering by 13.5 million shares on Friday. Cornerstone investors Blackrock, Janus Henderson, and Norges Bank had indicated on $275 million worth of shares on the IPO. At pricing, StandardAero commands a market value of $8.0 billion.
StandardAero's $1.4 billion offering makes it the year's third-largest US IPO, behind Lineage (LINE) and Viking (VIK). It is the first billion-dollar IPO to price above the range since the IPO boom in 2021.
Acquired by Carlyle in 2019 and based in Scottsdale, AZ, 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, providing services such as scheduled and unscheduled engine maintenance, component repair, on-wing support, asset management, and engineering solutions. The company highlights its support of the CFM56 engine, which powers the Boeing 737NG and Airbus A320ceo family of aircraft.
StandardAero 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 Wolfe-Nomura acted as joint bookrunners on the deal.
