Karman Moves Forward with Initial Public Offering
by Clarence Oxford
Los Angeles CA (SPX) Feb 06, 2025

Karman Space and Defense ("Karman"), a company specializing in mission-critical systems for missile, defense, and space programs, has announced the launch of its initial public offering (IPO), comprising 21,052,632 shares of common stock.

The offering includes 8,421,053 shares issued by Karman and 12,631,579 shares offered by existing stockholders. Additionally, the selling stockholders are expected to grant underwriters a 30-day option to purchase up to 3,157,894 additional shares to cover over-allotments. Karman itself will not receive proceeds from stockholder sales.

The IPO price range is anticipated to be between $18.00 and $20.00 per share. Karman plans to allocate its net proceeds, along with its existing financial resources, toward general corporate purposes, including expanded development, working capital, and operational expenses.

Karman has applied to list its shares on the New York Stock Exchange under the ticker symbol "KRMN."

Citigroup and Evercore ISI are acting as lead book-running managers and representatives for the underwriters, with RBC Capital Markets and William Blair as joint bookrunners. Baird will serve as co-manager for the offering.

The IPO will be conducted exclusively via a prospectus, available through Citigroup at Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (phone: 800-831-9146) or Evercore Group L.L.C., Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055 (phone: 888-474-0200, email: [email protected]).

A Form S-1 registration statement, including the IPO prospectus, has been submitted to the U.S. Securities and Exchange Commission but is not yet effective. The stock may not be sold nor offers accepted until the registration statement is effective. This announcement does not constitute an offer to sell or buy shares in any jurisdiction where such transactions would be unlawful without proper registration or qualification.

Karman specializes in designing, testing, manufacturing, and supplying critical components for defense and space programs. Its integrated payload protection, propulsion, and interstage solutions support a range of Department of Defense and space sector initiatives.

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