Avolon Holdings, a private equity-backed aircraft lessor with a portfolio of 227 aircraft, announced terms for its IPO on Monday. The Dublin, Ireland-based company plans to raise $300 million by offering 13.6 million shares (100% insider) at a price range of $21 to $23. At the midpoint of the proposed range, Avolon Holdings would command a market value of $1.8 billion.
Virgin America, which leases 100% of its fleet, recently raised over $300 million in November and has traded up over 60% since then. Competitor and fellow aircraft lessor Intrepid Aviation (INTR) initially filed for a $150 million offering in November.
Avolon Holdings, which was founded in 2010 and booked $557 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol AVOL. J.P. Morgan, Morgan Stanley, Citi, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2014.
