StandardAero slips as Carlyle and GIC to chop stakes in secondary offering

Shares of aircraft maintenance services firm StandardAero SARO.N down 3.1% to $29 in extended trading after secondary offering unveiled

Scottsdale, Arizona-based firm co says p rivate equity firm Carlyle CG.O and Singapore's sovereign wealth fund GIC to offload 30 mln shares

Carlyle owns ~180.8 mln shares for 54% stake, and GIC holds ~40.8 mln shares for 12.2% ownership, per the SEC filing

SARO has ~334.5 mln shares outstanding as of Apr 30, giving co $10 bln market cap

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

SARO shares on Mon closed down 2 cents at $29.93. Shares, up ~21% YTD, have gained ~17.5% over the past month

Co went public in Oct IPO priced at $24

Of 9 analysts covering SARO, 6 rate "strong buy" or "buy", 3 rate "hold" and the median PT is $33.50, latest LSEG data shows