Aircraft lessor Avolon falls on market debut

Avolon Holdings, the Dublin-headquartered aircraft lessor backed by CVC Capital Partners, Cinven and Oak Hill Capital Partners, declined on its trading debut yesterday after raising $273 million (€218.8m) in a US initial public offering — the largest capital raising by an Irish company in the last seven years.

Avolon shares fell 4.5% to $19.10 after the IPO was priced at $20 apiece, below the marketed range.

Avolon’s owners are the latest to cash in as lessors consolidate and investors flock to the sector, particularly in the Asia-Pacific market, expected to replace North America as the largest for air travel.