Los Angeles billionaire Steven Udvar-Házy’s new jet leasing company, Air Lease Corporation, aims to raise $100m in an initial public stock offering.
Udvar-Házy’s company said it planned to use the money to acquire commercial aircraft and for general corporate purposes.
Udvar-Házy stepped down as the chief executive of International Lease Finance Corp (ILFC), the company he co-founded, in early 2010. He set up Air Lease Corp (ALC) shortly afterwards.
He is expected to grow the new company’s fleet to as many as 500 planes in five years. ALC had acquired 40 aircraft at 31 December 2010, and has announced deals to buy 144 new aircraft up to 2017. It is leasing planes to 25 airlines in 15 countries.
Udvar-Házy is credited with pioneering the concept of leasing passenger jets in the 1970s and has worked with almost every major airline. He sold ILFC to insurance giant American International Group in 1990, but continued to run the company until his departure last year.