Trive Capital-backed Karman, shareholders raise $506 million in upsized IPO

Karman Holdings

13/02/2025 11:01

Feb 13 (Reuters) - Karman Holdings and some of its
existing shareholders raised $506 million in an upsized New York
initial public offering, fetching a valuation of nearly $3
billion for the defense and space systems maker.
    They sold 23 million shares on Wednesday at $22 apiece,
above the marketed range of $18 to $20, the Huntington Beach,
California-based company said.
    Karman sold roughly 8.4 million shares, and the others,
about 14.6 million. They had earlier aimed for a sale of roughly
21 million shares. 
    Shares of the company, backed by private equity firm Trive
Capital, will start trading on the New York Stock Exchange on
February 13, under ticker symbol "KRMN".
    Trive Capital will continue to own a majority of the voting
power at Karman after the IPO.
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shinjini Ganguli)
 ((ArasuKannagi.Basil@thomsonreuters.com;))