The IPO of Avio, an Italian aerospace company owned by private equity firm Cinven, is back on track after last year's market volatility derailed the process.
According to a Reuters report, Avio is expected to list on the Milan Stock Exchange in July, months after it filed an application last summer.
Cinven has long been eyeing a public exit for the aerospace business, although talks have been held with France's Safran, and private equity firms CVC Capital Partners and Clessidra, while state-backed vehicle Fondo Strategico Italiano has also expressed an interest.
The news follows the recent publication of Avio's fiscal results, which show revenues up more than 15 per cent to €2bn and Ebitda at €383m. The company also has a €6bn order book.
Cinven bought Avio in August 2006 in a deal that valued the Turin-based company at €2.57bn. At the time of the buyout it had Ebitda of €275m on sales of €1.4bn.
Avio designs, manufactures and services subsystems and components for military jets including the Eurofighter Typhoon and F-35 Joint Strike Fighter, and has contracts with General Electric, Rolls Royce and Pratt & Whitney.
Real Deals analysed the Fondo Strategico Italiano's overture for Avio as part of our 12-year deal archive available to subscribers. To read this analysis, free to all for a limited time, click here.