BOC Aviation bags key IPO backers
Print Edition
BOC Aviation Ltd has secured 11 cornerstone investors for its US$1.1 billion Hong Kong initial public offering, tapping China Investment Corp and Boeing Co as it yesterday launched the largest listing by an aircraft lessor in at least five years.
Sovereign wealth fund CIC and China’s state-backed Silk Road Fund will each invest US$100 million, while compatriot CDB International has committed US$60 million, according to a term sheet seen by Reuters.
Singapore-based BOC Aviation, a subsidiary of Bank of China, is betting on booming demand for air transport in the world’s second-largest economy. The lessor — the world’s fifth-largest by fleet size and fourth-largest by fleet value, according to its IPO prospectus — is selling shares to raise funds for more new aircraft.
United States planemaker Boeing forecasts Chinese demand of 6,330 new planes over the next 20 years with a total value of nearly US$1 trillion, making China one of the biggest markets for the aircraft manufacturing industry.
BOC, China’s fourth-biggest lender by assets, is selling new shares in BOC Aviation at a fixed price of HK$42 (US$5.41) each. It said last week that the IPO would value its aviation leasing unit at about US$3.8 billion.
The offering would be the biggest for an aircraft lessor since Air Lease Corp raised US$801 million in a 2011 IPO, Thomson Reuters data showed.
China Life Insurance Co and Chinese private equity firm Hony Capital have each committed US$50 million, while Boeing has agreed to invest US$30 million.
“China is an important and growing market for our business,” Boeing spokesman Chris Villiers said in Seattle, confirming the investment.
The IPO comes as Asian lessors raise funds to challenge Western rivals in the nearly US$217 billion global industry.
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