Carlyle’s Wesco Prices IPO Below Expectations

Wesco Aircraft Holdings, an aerospace equipment supplier owned by the Carlyle Group, has priced its initial public offering at $15 a share, below the previously set range of $15.50-$17.50, Reuters reported. The IPO raises $315 million for the company, giving it a market value of $1.28 billion. Carlyle will hold a 65.5% stake after the IPO.

(Reuters) – Wesco Aircraft Holdings, the Carlyle-owned aerospace equipment supplier, said it priced its initial public offering at $15 a share, below its expectations.

The IPO, which priced below the previously set $15.50-$17.50 range, raised $315 million.

At this price, the company has a market value of about $1.28 billion.

Shareholders, including Carlyle and Wesco’s Chief Executive Randy Snyder, sold 21 million shares. Wesco did not sell any shares in the offering.

Carlyle will hold a 65.5 percent stake, while Snyder will hold a 13.8 percent stake in the company after the IPO.

Wesco, which was founded in 1953, was bought by Carlyle Group in 2006 for an undisclosed sum in a transaction that was advised by the now-defunct Lehman Brothers.

The company counts Boeing , Bombardier (BBDb.TO), BAE Systems , Lockheed Martin , Northrop Grumman and Raytheon . (Reporting by Clare Baldwin in New York and Jochelle Mendonca in Bangalore; Editing by Roshni Menon)