Avolon Holdings (AVOL) IPO Opens Modestly Lower

Today's IPO for Avolon Holdings Limited (NYSE: AVOL) opened for trading at $19.25 after pricing 13,636,363 common shares at a public offering price of $20 per share, below the expected $21-$23 range.

All of the common shares are being offered by the selling shareholders. The selling shareholders have granted the underwriters an option to purchase up to 2,045,454 additional common shares to cover over-allotments, if any.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., UBS Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers.

Headquartered in Ireland, with offices in China, Dubai, Singapore and the United States, Avolon provides aircraft leasing and lease management services. As of September 30, 2014, Avolon had an owned, managed and committed fleet of 227 aircraft serving 49 customers in 27 countries.

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