Karman Holdings Inc. made a high-powered Wall Street debut Thursday, launching an upsized $506 million IPO that outstripped expectations and signaled strong investor appetite for defense and space technology.
A Launch Beyond Expectations
The Huntington Beach, California-based defense and aerospace firm originally planned to offer 21.05 million shares at a price range of $18 to $20. Instead, it sold 23 million shares at $22 each, raising more capital than anticipated.
Karman directly issued 8.4 million shares, channeling the proceeds toward business expansion and operations. The remaining 14.6 million shares were offloaded by Trive Capital Management, Karman’s majority stakeholder, and other investors.
A $2.9 Billion Market Entry
With 132.1 million outstanding shares, Karman enters the public sphere at a $2.9 billion valuation. Trive Capital will maintain control, retaining over 50% ownership post-IPO.
Shares are now trading on the New York Stock Exchange under the symbol “KRMN”, marking a significant milestone for the company, which develops missile defense and space systems for clients such as the U.S. Department of Defense, military contractors, and NASA.
