Leonardo DRS plans to list a minority stake of its common shares on the New York Stock Exchange using the ticker symbol “DRS” through the IPO, which is expected to close by the end of March, the company said Friday.
The defense group said it intends to remain a majority stockholder of Leonardo DRS after the IPO and enter into a new proxy agreement with the Department of Defense to allow the U.S. subsidiary to continue to compete and carry out work on classified programs.
“By retaining our majority shareholding we intend to maintain a significant exposure in this strategically important market, whilst continuing to leverage established relationships for all of Leonardo’s businesses,” said Leonardo CEO Alessandro Profumo.
J.P. Morgan, Goldman Sachs & Co. and BofA Securities, and J.P. Morgan will serve as lead bookrunning managers for the proposed IPO. Barclays, Credit Suisse, Citigroup and Morgan Stanley will also act as bookrunning managers. Mediobanca advises Leonardo on the transaction’s financial aspect.
Details about the price range and number of common shares to be put up for the IPO are yet to be determined.