StandardAero dips as Carlyle carves stake in upsized $1 bln secondary offering

StandardAero

26/03/2025 11:25

** Shares of aircraft maintenance services firm StandardAero SARO.N down 1.4% premarket at $28.90 after secondary offering priced

      ** Scottsdale, Arizona-based co late Tues announced 36 mln shares sold by

      private equity sponsor Carlyle CG.O and Singapore's sovereign wealth fund GIC

          ** Offering price of $28 equates to deal size of $1 bln, represents 4.5% discount to stock's last sale

          ** Deal size boosted from 30 mln shares, in which

          Carlyle had planned to sell ~24.5 mln shares and GIC the balance, per the SEC prospectus filing

          ** Prior to offering, Carlyle held ~210.2 mln shares, or

          62.8% stake, and GIC owned ~47.4 mln shares, or 14.2% stake

          ** Co has ~334.46 mln shares outstanding for ~$9.8 bln market cap, and ~120.5 mln shares of public float, per LSEG

          **

    JP Morgan, Morgan Stanley, RBC, BofA, UBS and Jefferies are

      jt lead bookrunners for the offering

      ** Earlier this month, co posted Q4 rev of $1.41 bln and projected 2025 rev of $5.8-$5.95 bln

      ** SARO shares opened at $31 in their Oct 2 debut after $1.4 bln IPO priced at $24

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))