UPDATE 2-Avolon IPO values aircraft lessor at up to $1.86 bln

Mon Dec 1, 2014 10:23am EST
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* Leasing company Avolon to list in New York

* Share sale follows rejection of Chinese takeover

* Leasing playing growing role in aviation market (Recasts, adds analyst quote, peer comparison)

By Padraic Halpin

DUBLIN, Dec 1 (Reuters) - Ireland's Avolon Holdings IPO-AVOL.N launched an initial public offering valuing it at up to $1.86 billion on Monday, as a Chinese suitor confirmed it had dropped its bid for the world's ninth largest aircraft leasing firm.

The Dublin-based firm, founded in 2010 by leasing entrepreneur Domhnal Slattery, said it expected the sale of existing stock to be priced between $21 and $23 per share. Trading is expected to begin in the next two weeks.

Avolon filed for a New York listing in June, only to be approached by China Investment Corp (CIC) and Chinese state aerospace firm AVIC Capital.

Confirming an earlier Reuters story, AVIC said on Monday it had cancelled its approach after the Irish company's board turned down the offer..

The offering of 13.6 million shares, or just under a fifth of its capital, by Avolon's outside backers will raise about $314 million at the top end of the expected price range.   Continued...