Avolon Holdings plans to raise $1.8bn via IPO
01/12/2014 18:20
Avolon Holdings today said that it has launched a planned initial public offering which values the Irish aircraft-leasing company at about USD 1.8 billion, in a test of investor appetite for stocks with exposure to declining oil prices, reported media. The private-equity-controlled company priced its offer of 13.6 million shares at USD 21 to USD 23 a share ahead of a planned New York Stock Exchange listing under the ticker AVOL, according to a regulatory filing. An enterprise value of more than USD 6 billion would place Avolon among the top five publicly traded aircraft-leasing companies, as per the media reports. A 20 per cent fall in the average global price of jet fuel over the past year has fueled a surge in shares of airlines and stirred worries over a potential bubble in new aircraft orders if carriers defer some of the record backlog of new fuel-efficient jets due to the fuel-price drop. Avolon is proceeding with its IPO following the collapse of takeover talks with a number of potential buyers in Asia, including China’s Avic Capital Co. The talks ended after failing to reach agreement on terms and closing conditions, echoing the abortive takeover last year by a Chinese consortium of Avolon’s larger rival, International Lease Finance Corp.
01/12/2014 18:20
Avolon Holdings today said that it has launched a planned initial public offering which values the Irish aircraft-leasing company at about USD 1.8 billion, in a test of investor appetite for stocks with exposure to declining oil prices, reported media. The private-equity-controlled company priced its offer of 13.6 million shares at USD 21 to USD 23 a share ahead of a planned New York Stock Exchange listing under the ticker AVOL, according to a regulatory filing. An enterprise value of more than USD 6 billion would place Avolon among the top five publicly traded aircraft-leasing companies, as per the media reports. A 20 per cent fall in the average global price of jet fuel over the past year has fueled a surge in shares of airlines and stirred worries over a potential bubble in new aircraft orders if carriers defer some of the record backlog of new fuel-efficient jets due to the fuel-price drop. Avolon is proceeding with its IPO following the collapse of takeover talks with a number of potential buyers in Asia, including China’s Avic Capital Co. The talks ended after failing to reach agreement on terms and closing conditions, echoing the abortive takeover last year by a Chinese consortium of Avolon’s larger rival, International Lease Finance Corp.
