Leonardo DRS, a defense product and technology provider being spun out of Leonardo, announced terms for its IPO on Monday.
The Arlington, VA-based company plans to raise $670 million by offering 31.9 million shares (100% insider) at a price range of $20 to $22. At the midpoint of the proposed range, Leonardo DRS would command a market value of $3.0 billion.
Leonardo DRS is a leading provider of defense products and technologies that are used across land, air, sea, space, and cyber domains. Its defense systems and solutions are offered to all branches of the US military, major aerospace and defense prime contractors, government intelligence agencies, and international military customers for deployment on a wide range of military platforms. The company's portfolio includes internally developed proprietary intellectual property and offerings, allowing it to serve as either prime contractor or a sub-contractor on key contracts.
Leonardo DRS was founded in 1969 and booked $2.8 billion in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol DRS. Goldman Sachs, BofA Securities, J.P. Morgan, Barclays, Citi, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
