Leonardo DRS, a US defense electronics provider being spun out of Italian firm Leonardo, postponed its IPO on Wednesday. It had filed to raise $670 million by offering 31.9 million shares (100% insider) at a price range of $20 to $22.
The Arlington, VA-based company was founded in 1969 and booked $2.8 billion in sales for the 12 months ended December 31, 2020. It had planned to list on the NYSE under the symbol DRS. Goldman Sachs, BofA Securities, J.P. Morgan, Barclays, Citi, Credit Suisse and Morgan Stanley were set to be the joint bookrunners on the deal.
