Leonardo announces launch of Leonardo DRS IPO for a minority stake

Leonardo's wholly owned subsidiary in the U.S., Leonardo US Holding, has launched its initial public offering (IPO) for a minority stake of Leonardo DRS, (DRS) common shares.

The initial public offering consists of 31,900,000 shares of DRS common stock to be offered at an anticipated initial public offering price range of between US$20.00 and US$22.00 per share. All of the shares to be sold in the offering will be offered and sold by Leonardo US Holding and DRS will not receive any proceeds from the offering. Leonardo US Holding also intends to grant the underwriters a 30-day option to purchase up to an additional 4,785,000 common shares at the public offering price less applicable underwriting discounts and commissions.

Post completion of the offering, Leonardo US Holding is expected to hold 78.0% of the issued and outstanding shares of common stock in DRS (approximately 74.7% if the underwriters' option to purchase additional shares is exercised in full). DRS expects to list its common stock on the New York Stock Exchange under the ticker symbol DRS.