Cirrus Aircraft has filed an application for an initial public offering (IPO) on the Hong Kong Stock Exchange. According to the company, the capital gained by the offering would allow it to further invest in “people, new product development, production capabilities, facilities and efficiencies, as well as enable and expand global service capabilities and strengthen [Cirrus’] IT and business infrastructure.” Cirrus is not planning to register with the U.S. Securities and Exchange Commission, which would be necessary to offer shares to U.S. investors.
“From time to time, Cirrus Aircraft explores options to raise additional capital,” the company said in a statement. “Our current work, made possible by the contributions of the Cirrus Aircraft team, has positioned the company as a global leader in personal aviation. A natural next step in that journey is exploring additional business and capital funding structures that enable even larger and more stable growth ahead.”
Cirrus noted that it does not have a definitive timeline for the listing plan given that its application is still being vetted by Hong Kong regulators. The company is reportedly looking to raise $300 million with the offering. Founded in 1984, Minnesota-based Cirrus Aircraft was acquired by China Aviation Industry General Aircraft Co. (CAIGA) in 2011.
