Leonardo DRS, the Virginia-based defence contractor owned by Italy’s Leonardo SpA, the world’s eighth-largest defence contractor, had filed for a NYSE IPO (Initial Public Offering) with US Securities and Exchange Commission (SEC) on Friday, marking up the latest in a series of enterprises seeking to raise fresh capitals in US public market following a dour 2020.
Aside from that, the Italian defence and aerospace group had said that the defence industry megalith was expecting to complete the listing of its DRS unit by end-March. Nonetheless, the defence industry conglomerate had also been quoted saying that the number of ADS (American Depository Shares) that the company was looking to offer alongside a price target had yet to be determined.
Leonardo DRS seeks US public market debut to strengthen grip on US market
Meanwhile, adding that a US IPO for Leonardo’s American unit, Leonardo DRS, would be “an important step in the company’s strategic development,” Leonardo Chief Executive Alessandro Profumo said in a statement, “The state-controlled group will keep the majority of defence electronics division DRS to maintain a significant exposure in this strategically important market”.
However, a media topline published late on Thursday had unveiled that the Italian state-backed defence group was mulling an offering of up to 30 per cent stake at its DRS unit. Nonetheless, this has not been the first US public listing for the company.
The defence firm was listed in NYSE before a takeover by an Italian firm Finmeccanica in the October of 2008. If truth is to be told, latest Leonardo move to list its US arm for public market trading came forth at a time, when the US IPO market has been at its strongest in more than half a decade.