Karman Holdings, which makes mission-critical systems for defense and space programs, announced terms for its IPO on Wednesday.
The Huntington Beach, CA-based company plans to raise $400 million by offering 21.1 million shares (60% secondary) at a price range of $18 to $20. At the midpoint of the proposed range, Karman Holdings would command a market value of $2.5 billion.
Currently doing business as Karman Space and Defense, the company specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile & defense and space programs. Its integrated payload protection, propulsion, and interstage system solutions are deployed across a variety of programs supporting important Department of Defense and space sector initiatives. Karman’s highly engineered solutions are organized into three key families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. These solutions are deployed across three core end markets: Hypersonics & Strategic Missile Defense, Missile & Integrated Defense Systems, and Space & Launch.
Karman Holdings was founded in 1977 and booked $331 million in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol KRMN. Citi, Evercore ISI, RBC Capital Markets, William Blair, and Baird are the joint bookrunners on the deal. It is expected to price during the week of February 10, 2025.
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