Updates stock activity
** Aerospace parts supplier Loar's LOAR.N shares soar >70% in debut on Thurs after IPO prices above range
** LOAR opens at $45 vs $28 IPO price. Stock rises as much 73% to $48.43 early on
** Loar late Weds announced 11 mln shares for $308 mln raise to repay borrowings and for general purposes, working capital
** IPO was marketed in range of $24-$26
** Loar, which specializes in design, manufacture and sale of components, had acquired a slew of companies including AGC, CAV and Desser Aerospace to tap into geographies
** According to the SEC filing, its top five customers comprised 34% of 2023 sales of ~$317.5 mln, which grew 33% from 2022
** The top six aircraft platforms represented less than 19% of total 2023 sales, with Airbus AIR.PA 320 family and Boeing BA.N 737 family its top 2 platforms, according to the filing
** Jefferies and Morgan Stanley lead bookrunners on the IPO
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))