Sirius Aviation Fund Limited has decided to postpone its planned initial public offering (IPO) until early in 2019 because it said there are additional significant investors who are unable to meet the existing timetable.
The company said it had received a positive response to its IPO, despite the current market volatility, with significant commitments received from high-quality institutions, but has decided to postpone it to ensure that the company is well positioned following admission.
READ: Sirius Aircraft Leasing pushes back IPO to early December
Sirius Aviation - managed by a team headed by former Ryanair (LON:RYA) CFO Howard Millar - added that its investment strategy of acquiring aircraft with leases attached is capital intensive.
The firm said any applications received under the Offer for Subscription will be returned.
On November 19, Sirius had pushed back the planned timetable for its start of trading on the London Stock Exchange until December 5.
In October, the aviation leasing firm had said it would raise US$250mln through its IPO at a price of US$1.00 per share, implying that around 250mln shares would be issued.
The company also said a programme of planned share placings over the coming year will raise up to US$300m more.