Karman Holdings, which makes mission-critical systems for defense and space programs, raised $506 million by offering 23 million shares (63% secondary) at $22, above the range of $18 to $20. The selling shareholders offered 1.9 million more shares than anticipated.
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 plans to list on the NYSE under the symbol KRMN. Citi, Evercore ISI, RBC Capital Markets, William Blair, and Baird acted as joint bookrunners on the deal.
