FINMY - Leonardo DRS estimates IPO price at up to $22 a share valuing defense firm at some $3B

Italian-owned defense contractor Leonardo DRS (DRS) disclosed Monday that the company expects its upcoming U.S. IPO to price at $20 to $22 a share, potentially raising $807.1M and valuing the firm at more than $3B.Leonardo DRS, which is owned by Milan-listed Leonardo SpA (FINMY), wrote in a revised S-1 filing with the U.S. Securities and Exchange Commission that it intends to offer 31.9M shares through the initial public offering. That would raise $701.8M at $22 a share.However, the firm also plans to offer underwriters the option to buy as many as 4.785M additional shares for overallotments, potentially raising $105.3M more.Leonardo added that the offering consists of some 22% of the company’s outstanding stock. At that level, the IPO would value the defense firm at some $3.2B.Leonardo DRS started life as Diagnostic/Retrieval Systems Inc., a U.S. publicly traded defense firm launched in 1969 by two former Loral Corp. engineers.However, a forerunner

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Leonardo DRS estimates IPO price at up to $22 a share, valuing defense firm at some $3B