KKR reveals plans for IPO of MTU Ae

MTU Aero Engines, the former aircraft engine maintenance arm of Daimler Chrysler, now owned by Kohlberg Kravis Roberts (KKR), has released plans for its proposed IPO. The company has announced that it will issue a total of 35.65 million shares, which will be issued at a price of E19-22 each when the company goes public on June 6th. Bookbuilding will run from 25 May to 3 June. KKR will sell around 16 million shares in the flotation, which, if the IPO is placed in the middle of the range, would net the firm E328m. KKR could also sell a further 4.65 million shares if there is sufficient investor appetite for the float. KKR acquired MTU from German car manufacturer Daimler Chrysler in November 2003 for an undisclosed sum (January 2004, page 23). The company supplies engines for the German army as well as a range of civilian and military aircraft including the new Airbus A380. It booked sales of E528.5m in the first quarter of 2005 and has a workforce of more than 7,000.

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