(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)
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