Tags: Aircraft | Lessor | Avolon | IPO

Aircraft Lessor Avolon Files for IPO

Monday, 09 Jun 2014 06:39 PM

Aircraft leasing company Avolon Holdings Ltd. filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of common shares.

J.P. Morgan, Morgan Stanley, and Citigroup were underwriting the IPO, the company told the U.S Securities and Exchange Commission in a preliminary prospectus.

The filing did not reveal how many shares the company planned to sell or their expected price. Selling shareholders are offering all the shares.

Dublin-based Avolon said it would list its shares under the symbol "AVOL", but did not specify which exchange it would list on.

Reuters reported in March that Avolon, which provides aircraft leasing and lease management services to airlines and aircraft investors, was preparing for an initial public offering.

Avolon is backed by private equity firms Cinven Ltd, CVC Capital Partners Ltd and Oak Hill Capital Partners, as well as Singapore's sovereign wealth fund.

Avolon's listing plans come as aviation draws interest from longer-term investors such as insurers and pension funds, who hope to boost weak returns dictated by low interest rates.

Rival Awas Aviation Services Inc, also headquartered in Dublin, is also planning an IPO in the second half of this year.

Avolon had a fleet of about 202 aircraft as of March 31, serving 46 customers in 27 countries. Since its launch in 2010, the company has raised about $7.5 billion in capital till the end of March.

The company is run by Domhnal Slattery, a veteran of former industry giant Guinness Peat Aviation, which was broken up in the early 1990s after a failed IPO.

Avolon's customers include American Airlines Group Inc , Air France KLM SA, Ryanair Holdings Plc and India's IndiGo.

Avolon's focus is on young and fuel-efficient single-aisle aircraft made by Boeing Co and Airbus Group NV. It delivered a total of 34 aircraft valued at more than $2 billion last year.

The company's net income rose about 28 percent to $36.4 million in the three months ended Mar. 31. Total revenue rose about 30 percent to $135.76 million.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

© 2017 Thomson/Reuters. All rights reserved.

 
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Aircraft leasing company Avolon Holdings Ltd. filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of common shares.
Aircraft, Lessor, Avolon, IPO
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2014-39-09
Monday, 09 Jun 2014 06:39 PM
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