Karman Holdings IPO opens at $30, surpassing initial pricing of $22

Investing.com -- Karman Holdings, a company specializing in mission-critical systems for defense and space programs, IPO opened at $30, significantly higher than the initial pricing. The company offered 23 million shares at $22 each, which was above the expected range of $18 to $20.

The company, which is also known as Karman Space and Defense, offered 8,421,053 shares of common stock. In addition, selling stockholders provided an additional 12,631,579 shares of common stock, which was 1.9 million more shares than initially expected.

The company is listed on the New York Stock Exchange (NYSE) under the ticker symbol KRMN. Citi, Evercore ISI, RBC Capital Markets, William Blair, and Baird acted as joint bookrunners on the deal.

The company focuses on the design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile & defense and space programs. Its products include payload protection, propulsion, and interstage system solutions. These are used in a variety of programs supporting the Department of Defense and space sector initiatives. Karman's engineered solutions are grouped into three key families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. These systems are deployed across three core end markets: Hypersonics & Strategic Missile Defense, Missile & Integrated Defense Systems, and Space & Launch.

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