Defense and space systems manufacturer Karman Holdings submitted an IPO application for the US stock market, aiming to raise $100 million

According to the Zhitong Finance APP, Karman Holdings (submitting the application under the name TCFIII Spaceco Holdings) is a company that manufactures mission-critical systems for defense and space programs. The company submitted its IPO application to the U.S. Securities and Exchange Commission on Tuesday, aiming to raise $100 million.

The company currently operates under the name Karman Space and Defense, specializing in the preliminary design, testing, manufacturing, and sales services of mission-critical systems for existing and emerging missile and defense and space programs. Its integrated payload protection, propulsion, and interstage system solutions are deployed in various programs supporting important initiatives of the Department of Defense and the space sector. Karman's highly engineered solutions are divided into three main series: payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. These solutions are deployed in three core end markets: hypersonic and strategic missile defense, missile and integrated defense systems, and space and launch.

The company was founded in 2020, and its revenue for the 12 months ending September 30, 2024, is $331 million. The company plans to list on the New York Stock Exchange under the ticker symbol KRMN.

Karman Holdings submitted its application confidentially on October 22, 2024. Citigroup, Evercore ISI, RBC Capital Markets, and William Blair are the co-lead bookrunners for the transaction. The company did not disclose pricing terms