Leonardo DRS files proposed initial public offering

By Marjorie Censer / March 1, 2021 at 8:37 AM

Leonardo said Friday its U.S. subsidiary DRS has filed a registration statement with the Securities and Exchange Commission for an initial public offering of a minority stake of its common shares.

The company said the move is meant to allow investors to participate directly, while maintaining Leonardo's majority position.

"The number of common shares to be offered and the price range for the proposed offering have not yet been determined," the company said, adding that the transaction is expected to be completed by the end of March.

After the offering, Leonardo said it anticipates a new proxy agreement with the Pentagon to allow it to continue to work and perform on classified programs.