Leonardo electronics division files for $700m US IPO
Aerospace engineering firm Leonardo’s electronics division has today filed for an initial public offering worth $700m (£503m) in the US.
According to regulatory filings, investors can get their hands on 22 per cent of the subsidiary, at a price of $20 to $22 per share.
Italian firm Leonardo, which is 30 per cent state owned, said it would keep a majority stake in the division.
The unit, which is almost the same size as the rest of the company, was purchased by Leonardo back in 2008.
The defense electronic division intends to keep future profits for growth and does not anticipate paying a regular cash dividend, it said in the filing.
The division, which is based in Virginia, specialises in naval and maritime systems, ground combat mission command and network computing, global satellite communications and network infrastructure.
Goldman Sachs, BofA Securities and JP Morgan are the lead underwriters for the offering.
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