StandardAero down after Carlyle, GIC chop stakes in $840 mln secondary offering

Shares of aircraft maintenance services firm StandardAero SARO.N down 0.7% before the bell to $28.18 after secondary offering priced

Scottsdale, Arizona-based firm co late Weds announced 30 mln shares offloaded by PE firm Carlyle CG.O and Singapore's sovereign wealth fund GIC at $28

Offering priced at 1.3% discount to last sale

Carlyle sold ~24.5 mln shares taking its stake from 54% to 46.7%, and GIC shed ~5.5 mln shares for ~10.6% ownership, per the SEC prospectus filing

SARO has ~334.5 mln shares outstanding as of Apr 30, giving co $9.5 bln market cap

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

Carlyle and GIC last reduced their combined stakes in Mar secondary offering of 36 mln shares, also priced at $28

Through Wed close, stock up ~15% YTD

SARO went public in Oct IPO priced at $24

Of 7 analysts covering SARO, 5 rate "strong buy" or "buy", 2 rate "hold" and the median PT is $33.50, according to latest LSEG data