General Industry

Avalon To Launch On New York Stock Exchange

By Publications Checkout
Avalon To Launch On New York Stock Exchange

Aircraft leasing group Avolon wishes to soon enact a €1.44 billion launch on the New York Stock Exchange in an endeavour that will value the stake of founder and chief executive Dómhnal Slattery in the company at about €20 million.

The Dublin-based firm is expected to list on the New York market before Christmas and sell circa 20 per cent of its shares, valued at between $21 (€16.83) and $23 each.

According to a formal statement from the group, a number of its existing investors intend selling a total of 13.6 million of their shares, which, at the expected prices, "would result in a total offering size of between $286 million and $314 million".

Its most important investor, the US private equity player Oak Hill, wants to sell 3.85 million of the 22.15 million shares it owns. The disposal will cut its overall stake to 18.3 per cent from 22.15 per cent.