Karman Space & Defense has completed an initial public offering, or IPO, raising over $500 million in capital in its stock market debut.
Trive Capital said Thursday Karman plans to use the net proceeds from the IPO to buy complementary businesses or technologies, fund capital expenditures and support other general corporate initiatives.
Karman CEO Tony Koblinski said the company has established a world-class team and invested in the technologies, people and capabilities to drive future growth.
“This milestone enhances our capacity to meet the evolving needs of our customers, ensuring we can support national security and space missions while fulfilling our mission to ‘expand what is possible’ through innovation and collaboration,” Koblinski added.
Upsized IPO
In early February, Karman announced that it was offering 21,052,632 shares of its common stock for the IPO.
The Trive Capital-backed company started trading on the New York Stock Exchange on Feb. 13, under the ticker symbol “KRMN.” The opening price was more than 30 percent above the initial public offering price.
According to the private equity firm, the upsized IPO demonstrates investors’ confidence in Karman’s capability to advance national security and space exploration with its technology offerings.
What Does Karman Space & Defense Do?
Karman designs and produces mission-critical systems for missile defense and space programs. Its tech offerings include propulsion and launch systems, payload and protection platforms and aerodynamic interstage systems.
The Huntington Beach, California-based company has over 1,000 employees and runs nine facilities across four states.
