Up is the word of the night. Loar Holdings (LOAR) priced its IPO at $28.00 – $2.00 above the top of its range – on 11.0 million shares – the number in the prospectus – to raise $308.0 million on Wednesday night, April 24, 2024. The aviation parts manufacturer’s stock is expected to start trading on Thursday, April 25, on the New York Stock Exchange. Loar – at the $28 IPO price – has a market cap of about $2.5 billion.
Loar was one of three big IPOs priced on Wednesday night. All told, New York bankers raised $1.35 billion by pricing the IPOs of Loar, Rubrik (RBRK) and Marex Group plc (MRK) on Wednesday evening, April 24, 2024.
Jefferies and Morgan Stanley led the Loar joint book-runners’ team, which included Citigroup, Moelis & Co. and RBC Capital Markets.
Loar’s pricing news followed a scoop by CNBC earlier tonight that tech unicorn Rubrik (RBRK), a cloud and AI-driven data security company backed by Microsoft, priced its IPO at $32.00 – $1.00 above the top of its range.
Rubrik announced its IPO pricing details later in the evening: Its IPO was slightly upsized to 23.5 million shares – up from 23.0 million in the prospectus – and priced at $32.00 – $1.00 above the high end of its $28.00-to-$31.00 range – to raise $752 million on Wednesday night (April 24, 2024). Rubrik’s stock is expected to start trading on Thursday, April 25, on the NYSE.
| Loar Holdings, based in White Plains, N.Y., designs, manufactures and sells “niche aerospace and defense components that are essential for today’s aircraft and aerospace and defense systems,” the prospectus says. Loar’s products include auto throttles, lap-belt airbags, seat belts, temperature and fluid sensors and switches, carbon and metallic brake discs and scores of other items. Loar’s top two aircraft platforms are the Airbus A320 family and the Boeing 737 family, the prospectus says.
Most of the proceeds from Loar’s IPO will go toward paying down some debt, the company said in the prospectus. Loar has borrowed money to finance acquisitions. For the year that ended Dec. 31, 2023, Loar reported a net loss of $4.62 million on revenue of $317.48 million. Marex Prices IPO Just Below Mid-Point A third sizable IPO – Marex Group plc (MRX Proposed) – priced at $19.00 – below the $19.50 mid-point of its $18.00-to-$21.00 range – on 15.4 million shares – the number in the prospectus – to raise $292.31 million on Wednesday night. The pricing announcement from Marex confirmed a Bloomberg report on Wednesday night that the IPO had been priced at $19.00 – just below the mid-point of its range. The Marex pricing was in line with the Street’s expectations. Marex Group’s stock is expected to start trading on Thursday, April 25, on the NASDAQ. Marex, a global clearing, commodity futures and financial services firm based in London, reported a profit for 2023: net income of $141.3 million on revenue of $1.24 billion, according to the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
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