BOC Aviation became a public lessor on 1 June after it listed on the Hong Kong Stock Exchange in yet another move to diversify its funding sources.

The lessor says the net proceeds from the $1.1 billion initial public offering (IPO) will pay for pre-delivery payments for future aircraft deliveries.

The IPO was backed by 11 cornerstone investors, including China Investment, Silk Road Fund, China Development Bank, China Life Franklin Asset Management, Oman Investment Fund, Hony Capital Group, Elion Resources Group, Fullerton Fund Management, Fosun International, Boeing and China South Industries Assets Management.

The investors agreed to purchase a total of 107.7 million shares totalling HK$4.52 billion ($583 million), or 52% of the global offering size before the exercise of the over-allotment option.