Air Lease float illustrates global recovery

Air Lease float illustrates global recovery

Aircraft leading organisation Air Lease has raised $802.5 million following an initial public offering, ahead of expectations.

The success has prompted analysts to argue the international aircraft leasing sector has now fully recovered following the economic downturn.

In a statement released earlier, Air Lease confirmed it had sold 30.3 million shares for $26.50.

The company had planned to sell 25 million shares for $25 to $28 each.

The shares added 5.5 per cent to close at $27.95 on the New York Stock Exchange on Monday.

Air Lease said underwriters exercised in full their over-allotment option to purchase an additional 4,542,450 shares of the Company’s Class A Common Stock.

Underwriters included J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., FBR Capital Markets & Co., RBC Capital Markets, LLC and Wells Fargo Securities.

Air lease is headed by industry leader Steven Udvar-Hazy.

Udvar-Hazy made his name as chairman of International Lease Finance Corporation (ILFC), one of the two largest aircraft leasers in the world.