Deal Details

Karman Completes $581.9 Million Initial Public Offering

Industrial
Technology & Services

Karman initial public offering

Summary

Karman Holdings Inc. ("Karman” or the "Company”) (NYSE: KRMN), a portfolio company of Trive Capital Management LLC ("Trive”), recently completed the closing of its initial public offering of 26,450,000 shares of its common stock at a public offering price of $22.00 per share (the "Offering”). The Offering consisted of 8,421,053 shares of common stock offered by Karman, 14,578,947 shares of common stock sold by certain of Karman’s existing stockholders (the "Selling Stockholders”), and 3,450,000 additional shares of common stock sold by certain Selling Stockholders pursuant to the full exercise of the underwriters’ over-allotment option. Karman will not receive any proceeds from the sale of common stock by the Selling Stockholders. The Offering generated approximately $185.3 million in primary gross proceeds for Karman and $396.6 million in secondary gross proceeds to certain selling stockholders. Karman expects to use the net proceeds for general corporate purchases, including additional development efforts, working capital, and operating expenses.

Baird served as co-manager on this Offering.

About

Karman specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense and space programs. The Company’s integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (“DoD”) and space sector initiatives. Karman estimates that no single program accounted for more than 10% of sales for the nine months ended September 30, 2024, or the 12 months ended December 31, 2023, with revenue from over 100 active programs supporting current production and next-generation space, missile, hypersonic, and defense applications. Karman is headquartered in Huntington Beach, California.

Trive is a private equity firm with more than $8 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. Trive seeks to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas. The Trive team is comprised of seasoned investment professionals who have been involved in over 250 middle-market transactions representing in excess of $10 billion in revenue across Trive’s targeted industry sectors and situations. Trive is headquartered in Dallas, Texas.

Industrial
Technology & Services

Karman initial public offering