Aircraft MRO provider StandardAero earlier this week launched a proposed initial public offering (IPO) of its common stock and today increased the amount of available shares. Initially proposing 46.5 million shares, Reuters reported this morning that the company is now targeting an upsized sale of 60 million shares priced between $20 and $23 each. That would raise $1.38 billion in funding, up from the initial $1.1 billion announced on Monday. With other interests in the company, that values StandardAero at up to $7.7 billion.
J.P. Morgan, Morgan Stanley, Bank of America Securities, UBS Investment Bank, Jefferies, and RBC Capital Markets are acting as lead book-running managers for the proposed offering.
Earlier this year, StandardAero said it would expand beyond aircraft maintenance by agreeing to test and assemble the Symphony engines at its Texas facility for Boom Supersonic's Mach 1.7 airliner. In July, it celebrated six decades of its support of the Pratt & Whitney Canada PT6 turboprop engine series.
StandardAero has applied to list its common stock on The New York Stock Exchange under the symbol “SARO.” No date has yet been announced for the IPO. StandardAero is currently privately owned by global investment firm Carlyle.