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The state-controlled group sold 18 million shares in the upsized public secondary offering, leaving it with a 73.3% stake in DRS.

Leonardo late on Wednesday said it would launch a public secondary offering of 16.5 million shares, or a 6.3% minority stake in DRS, worth about $344 million, according to Reuters calculations, reducing its holding to just below 74%.

Morgan are joint bookrunning managers for the secondary offering.

LLC, Citigroup and Morgan Stanley are acting as joint bookrunning managers for the secondary offering.

Despite the caution around IPOs, energy and power companies had the greatest share of issuance in the first nine months of 2022, with C$3 billion worth of secondary offering according to data from Refinitv.