Aerospace parts manufacturer Loar Holdings files for US IPO

(Reuters) - Loar Holdings plans to list its shares in a U.S. initial public offering, the aerospace and defense components manufacturer said in a filing on Tuesday, in another sign that the two-year lull in capital markets is coming to an end.

Loar, which specializes in the design, manufacture and sale of niche components essential for aircraft, had acquired a slew of companies including AGC, CAV and Desser Aerospace to tap into newer geographies.

The New York-based company is looking to cash in on an ebullient market that recently hosted several stellar debuts, including Reddit and Astera Labs, as potential rate cuts and strong earnings spurred a revival in IPOs.

Palo Alto, California-based cybersecurity platform Rubrik also filed to go public on Monday.

Founded in 2012 and led by chief executive officer Dirkson R. Charles, Loar's net sales were $317.5 million in the year ended Dec. 31, 2023, up 33% from a year earlier.

However, it reported a wider net loss of $4.62 million for the same period compared with $2.47 million a year earlier.

The company, which did not disclose the size of the offering, plans to list its common stock on the New York Stock Exchange under the symbol "LOAR".

Jefferies, Citigroup and Morgan Stanley are among the underwriters for the offering.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vijay Kishore)