Avolon says cut IPO price because rivals' shares fell
DUBLIN (Reuters) - Irish plane leasing firm Avolon priced its initial public offering below its forecast range due to recent weakness in the stocks of its peers, the company's chief executive said on Friday.
Avolon Holdings , the world's ninth-largest aircraft leasing firm by assets, is set to float on the New York Stock Exchange on Friday after pricing its shares at $20, below the expected range of $21-23, valuing the company at $1.6 billion (1.02 billion pounds).
"The market dynamics here in the United States in the last couple of weeks have been a little choppy and during the roadshow our comps (comparables) traded downwards, but we are happy with where we priced," Domhnal Slattery said in an interview.
"There is very significant value between the market cap and the value of our assets," he said.
(Reporting by Conor Humphries; editing by David Clarke)
