Aevex Corp. , a maker of military drones, raised $320 million in its initial public offering, as investment in modern defense and autonomous systems rises. The Madison Dearborn Partners -backed firm sold 16 million shares for $20 each, according to a statement , after marketing them for $18 to $21 each. The IPO was multiple times oversubscribed, people familiar with the matter said earlier. At the...
Aevex Corp. , a maker of military drones, raised $320 million in its initial public offering, as investment in modern defense and autonomous systems rises. The Madison Dearborn Partners -backed firm sold 16 million shares for $20 each, according to a statement , after marketing them for $18 to $21 each. The IPO was multiple times oversubscribed, people familiar with the matter said earlier. At the IPO price, Aevex has a market value of $2.2 billion, based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. A substantial portion of the company’s revenue last year came from Ukraine, the filing shows. Its two main unmanned systems programs, called Phoenix Ghost and EUCOM AOR Deep Strike, have delivered or committed to deliver more than 9,300 systems, representing more than $1.2 billion in contract value through the end of this year. As defense budgets shift toward advanced technologies, Aevex is well positioned to benefit from rising investor focus on the sector . The Trump administration is expected to prioritize newer contractors as it expands and modernizes its missile stockpile, directing funding toward companies that can produce weapons faster, at lower cost, and with more advanced technology while easing supply chain constraints exposed by recent conflicts. Aevex projects that demand for unmanned systems will grow to $11 billion in the US and $26 billion globally by 2030. The company had a net loss of $16.9 million on revenue of $432.9 million for the year ended Dec. 31, compared with net income of $78.5 on revenue of $392.2 million a year earlier, according to its filings. For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS . To subscribe to ECM Watch , Bloomberg’s daily roundup of news from around the region, click here . Madison Dearborn and CoVant Management acquired the company in a $450 million leveraged buyout in 2020, according to da...
Australian Treasurer Jim Chalmers tells Bloomberg TV that the global economy faces a “really dangerous moment” as the Middle East conflict threatens to accelerate inflation and drag on activity. (Source: Bloomberg)
Australian Treasurer Jim Chalmers tells Bloomberg TV that the global economy faces a “really dangerous moment” as the Middle East conflict threatens to accelerate inflation and drag on activity. (Source: Bloomberg)
Envision AESC , a major global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems, is considering an initial public offering in Hong Kong as soon as this year, according to people familiar with the situation. The company, which counts Singaporean wealth fund GIC Pte and private equity firm HSG as backers, is working with banks on the potential share sale, the pe...
Envision AESC , a major global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems, is considering an initial public offering in Hong Kong as soon as this year, according to people familiar with the situation. The company, which counts Singaporean wealth fund GIC Pte and private equity firm HSG as backers, is working with banks on the potential share sale, the people said, asking not to be identified discussing a private matter. It could raise $1 billion to $2 billion from the offering, two of the people said. Deliberations are ongoing and details such as timing and size may change, the people said. A representative for Envision declined to comment. The company has production facilities in countries such as the US, the UK, France, Spain, China and Japan. Its clients include some of the world’s largest carmakers. The battery maker was originally part of Nissan Motor Co. In 2019, Shanghai-based Envision acquired a controlling stake for an undisclosed amount. Nissan retained a minority stake.
This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. The role of the management committee of Wang Fuk Court owners’ corporation is expected to be a key focus on Friday of a hearing by an independent panel investigating Hong Kong’s deadliest fire in decades, with a former chairman of the body and a construction wo...
This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. The role of the management committee of Wang Fuk Court owners’ corporation is expected to be a key focus on Friday of a hearing by an independent panel investigating Hong Kong’s deadliest fire in decades, with a former chairman of the body and a construction worker set to testify. In an earlier session, residents accused Tai Po district councillor Peggy Wong...