Cirrus seeks funding on Hong Kong stock exchange
Cirrus Aircraft plans to seek $300 million in initial public offerings on the Stock Exchange of Hong Kong Limited, the International Financing Review reported June 9.
Cirrus was founded by Alan and Dale Klapmeier in 1984; Bahrain-based venture capital firm Arcapita bought a majority stake in 2001; and China Aviation Industry General Aircraft Co. (CAIGA) acquired the company in 2011 to boost its fledgling Vision Jet program.
“From time to time, Cirrus Aircraft explores options to raise additional capital.
“Our current work, made possible by the contributions of the Cirrus Aircraft team, has positioned the company as a global leader in personal aviation. A natural next step in that journey is exploring additional business and capital funding structures that enable even larger and more stable growth ahead.
“Raising additional capital will allow us to further invest in our people, new product development, production capabilities, facilities and efficiencies, as well as enable and expand global service capabilities and strengthen our IT and business infrastructure.”
Cirrus said that Hong Kong regulators are still reviewing its listing application and that it does not have a timetable for its public offering.
Hong Kong’s stock market was the worst performing in 2022, but analysts expect it to rebound in 2023, according to CNBC.
The Cirrus Vision Jet first flew in 2008 but because of financial and technical troubles didn’t receive FAA certification until 2016. The company won the prestigious 2017 Robert J. Collier Trophy for the jet. The Vision Jet was the first to be certified with Garmin Autoland.
In addition to its jet program, Cirrus continues to invest in its piston lineup—SR20, SR22, and SR22T—and celebrated its 9,000th piston airplane in April.
Cirrus vowed to stay in the United States when it was sold to CAIGA. The company has lived up to that promise, expanding its locations to include its headquarters in Duluth, Minnesota; Vision Center in Knoxville, Tennessee; Innovation Centers in Chandler, Arizona, and McKinney, Texas; and two new locations in central Florida. Its composite production facility is in Grand Forks, North Dakota.
“We stay committed to elevating our customers’ ownership experience and staff member experience for many years to come,” Cirrus said.
