Carlyle-backed StandardAero set to price IPO above range, sources say
Adds more background, details on StandardAero from paragraph 5
By Echo Wang
NEW YORK, Oct 1 (Reuters) -StandardAero, a U.S. aircraft maintenance services provider, is set to price its U.S. initial public offering above its indicated range, setting it up for one of the biggest stock market debuts this year, people familiar with the matter said on Tuesday.
Scottsdale, Arizona-based StandardAero, which is backed by buyout firm Carlyle CG.O, is getting close to securing enough investor support to price its share sale at $24 apiece, above its range of $20 to $23, the sources said, requesting anonymity as the discussions are confidential.
The company and some of its existing shareholders are expected to sell 60 million shares to raise $1.44 billion, the sources said, making it the biggest U.S. IPO since cold-storage warehouse operator Lineage LINE.O raised $4.45 billion in June.
At that price, the IPO would value StandardAero at roughly $8 billion, based on about 334.5 million outstanding shares.
StandardAero, which upsized its IPO last week, and Carlyle did not immediately respond to requests for comment.
Founded in 1911, StandardAero provides maintenance, repair and overhaul services to clients in sectors such as commercial and military aviation, as well as energy. The company partners with major aircraft engine makers, including Rolls-Royce RR.L and GE Aerospace GE.N-backed CFM International.
StandardAero reported net profit of $8.6 million on revenue of $2.6 billion in the first half of 2024, compared with a loss of $12.6 million on revenue of $2.31 billion a year earlier, according to its most recent regulatory filing.
Carlyle acquired StandardAero from buyout firm Veritas Capital for approximately $5 billion in 2019.
The IPO comes as U.S. equity capital markets are starting to bounce back slowly, after a lackluster summer that was hampered by market volatility that forced many companies to postpone their offerings.
Reuters was first to report in April that Carlyle was weighing options for StandardAero, including a possible IPO.
StandardAero's shares are expected to start trading on the New York Stock Exchange on Wednesday under the ticker 'SARO'.
JPMorgan and Morgan Stanley are the lead underwriters for the offering.
Reporting by Echo Wang in New York; Editing by Anirban Sen and David Evans
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