Italy-based aerospace and defense conglomerate Leonardo intends to offer 31.9 million shares of its U.S. subsidiary’s common stock at $20 to $22 apiece through an initial public offering.
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, the company said Monday.
The offering includes a 30-day option for underwriters to buy up to 4,785,000 additional shares.
Leonardo US Holding will own a 78 percent stake in Leonardo DRS upon the IPO’s completion. Should underwriters fully exercise the option, the company will hold approximately 74.7 percent of the shares of common stock in DRS.
J.P. Morgan, Goldman Sachs & Co. and BofA Securities will serve as lead bookrunning managers for the proposed IPO. Barclays, Credit Suisse, Citigroup and Morgan Stanley will also act as bookrunning managers. Credit Agricole, IMI-Intesa Sanpaolo, MUFG and UniCredit Capital Markets will serve as co bookrunning managers. Mediobanca advises Leonardo on the transaction’s financial aspect.
In late February, Leonardo DRS announced that it filed a registration statement for its planned IPO with the Securities and Exchange Commission.