Italian aerospace firm Leonardo's electronics unit files for $700 million U.S. IPO
(Reuters) – Leonardo DRS Inc, the electronics division of Italian defence and aerospace group Leonardo SpA which counts the U.S. military as a customer, filed for an initial public offering of up to $701.8 million in the United States on Monday.
The parent company will offer about 31.9 million shares of Leonardo DRS, or a 22% stake in the division, for $20 to $22 per share, the filing showed. It will receive all the proceeds from the offering.
The defence electronic division intends to keep future profits for growth and does not anticipate paying a regular cash dividend, it said in the filing.
To get ready for the listing on the New York Stock Exchange, DRS in February said it planned to repay $237 million of related-party borrowings and issue $450 million of new debt.
Goldman Sachs, BofA Securities and JP Morgan are the lead underwriters for the offering.
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