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StandardAero ( SARO ) prices IPO above range at $24/shr

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Company and investors sell 60 million shares to raise

$1.44 bln

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IPO values StandardAero ( SARO ) at about $8 billion

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Shares to start trading on NYSE on Wednesday

(Changes sourcing to the company)

By Echo Wang

NEW YORK, Oct 1 (Reuters) - StandardAero ( SARO ), a

U.S. aircraft maintenance services provider, priced its U.S.

initial public offering above its indicated range to raise $1.44

billion, the company said on Tuesday.

Scottsdale, Arizona-based StandardAero ( SARO ), which is backed by

buyout firm Carlyle, priced its offering at $24 apiece,

above its range of $20 to $23.

Earlier in the day, Reuters exclusively reported about the

$24 price offering, citing people familiar with the matter.

StandardAero ( SARO ) and some of its existing shareholders sold 60

million shares, making it the biggest U.S. IPO since

cold-storage warehouse operator Lineage raised $4.45

billion in June.

The IPO values StandardAero ( SARO ) at roughly $8 billion, based on

about 334.5 million outstanding shares.

Carlyle did not respond to a Reuters request for comment.

Founded in 1911, StandardAero ( SARO ) 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

and GE Aerospace-backed CFM International.

StandardAero ( SARO ) reported a 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 ( SARO ) from buyout firm Veritas

Capital for about $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 ( SARO ), including a possible IPO.

StandardAero's ( SARO ) shares are expected to start trading on the

New York Stock Exchange on Wednesday under the ticker 'SARO'.

JPMorgan ( JPM ) and Morgan Stanley ( MS ) are the lead underwriters for

the offering. Other bookrunners included BofA, UBS, Jefferies

and RBC Capital Markets.