Helicopter Operator CHC Group Files to Raise $400 Million in IPOJulie Alnwick
CHC Group Ltd., the world’s largest commercial operator of helicopters, filed to raise $400 million in a U.S. initial public offering.
JPMorgan Chase & Co., UBS AG and Barclays Plc are managing the sale, according to a regulatory filing today. The $400 million is a placeholder amount used to calculate fees, and may change. The Richmond, British Columbia-based company didn’t specify how many shares it will sell or at what price.
CHC’s owner, First Reserve Corp., will continue to hold the bulk of the voting power following the IPO, the filing shows. The company has applied to list on the New York Stock Exchange.
First Reserve acquired CHC in September 2008. The company’s services include helping oil companies make staff changes aboard drilling rigs and providing search and rescue assistance to governments. CHC generated $1.74 billion in revenue for the year ended April 30, the filing shows.