BOC Aviation $1.1 billion HKSE IPO

Overview:

• BOC Aviation—the largest aircraft operating leasing company headquartered in Asia—has listed on the Hong Kong Stock Exchange.
• The HK$8.7 billion ($1.1 billion) IPO is the largest in Hong Kong this year, and the largest listing by an aircraft lessor since Air Lease Corporation's IPO in 2011.
• The IPO was 37.6 times over-subscribed and successful as the company has a high quality business with stable US dollar denominated revenue.
• The IPO was launched at a fixed price which is unusual in Hong Kong, reflecting the strong demand from cornerstone investors—including China Investment Corporation and Boeing.
• The lessor is selling shares to raise funds for more new aircraft, with Chinese demand estimated at 6330 new airplanes over the next 20 years at $1 trillion in all. 
• Linklaters (Robert Cleaver, Pam Shores, Gilbert Li) acted as Hong Kong and US counsel to joint global coordinators Goldman Sachs, BOCI and Morgan Stanley.
• Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to issuer BOC Aviation.
• Allen & Gledhill  acted as Singapore counsel to issuer BOC Aviation.

Adam Majeed - Asia Editor