StandardAero dips as Carlyle carves stake in upsized $1 bln secondary offering

Shares of aircraft maintenance services firm StandardAero SARO.N down 1.4% premarket at $28.90 after secondary offering priced

Scottsdale, Arizona-based co late Tues announced 36 mln shares sold by private equity sponsor Carlyle CG.O and Singapore's sovereign wealth fund GIC

Offering price of $28 equates to deal size of $1 bln, represents 4.5% discount to stock's last sale

Deal size boosted from 30 mln shares, in which Carlyle had planned to sell ~24.5 mln shares and GIC the balance, per the SEC prospectus filing

Prior to offering, Carlyle held ~210.2 mln shares, or 62.8% stake, and GIC owned ~47.4 mln shares, or 14.2% stake

Co has ~334.46 mln shares outstanding for ~$9.8 bln market cap, and ~120.5 mln shares of public float, per LSEG

JP Morgan, Morgan Stanley, RBC, BofA, UBS and Jefferies are jt lead bookrunners for the offering

Earlier this month, co posted Q4 rev of $1.41 bln and projected 2025 rev of $5.8-$5.95 bln

SARO shares opened at $31 in their Oct 2 debut after $1.4 bln IPO priced at $24