Deal Details

AEVEX Completes $320.0 Million Initial Public Offering

Industrial

AEVEX initial public offering

Summary

AEVEX Corp. (“AEVEX” or the “Company”), a portfolio company of Madison Dearborn Partners, recently announced the pricing of its initial public offering of 16,000,000 shares of its Class A common stock at a public offering price of $20.00 per share (the “Offering”). The underwriters have been granted a 30-day option to purchase up to an additional 2,400,000 shares of AEVEX’s Class A common stock. The Offering generated approximately $320.0 million in primary gross proceeds for AEVEX.

Baird served as an Active Bookrunner on the Offering.

Key Offering Metrics

Pricing Date - April 16, 2026
Exchange / Ticker - NYSE / AVEX
Initial Filing Range - $18.00 - $21.00
Offer Price - $20.00
Base Offering Size - $320.0 million (100% primary)
Overallotment Option - $48.0 million (100% primary)
Total Offering Size - $368.0 million
Diluted Market Cap - $2.2 billion
Enterprise Value - $2.2 billion
Sponsor - Madison Dearborn Partners
Execution - 6-day roadshow

About

AEVEX supports U.S. and partner nation security objectives by providing comprehensive aviation and technology-based solutions. The Company offers a diverse portfolio of Unmanned Aircraft Systems (UAS), combat-proven loitering munitions and multi-mission Unmanned Surface Vehicles (USV). These capabilities complement AEVEX’s strengths in custom engineering, manned and unmanned aircraft modification, sensor integration, intelligence analysis and specialized mission systems. AEVEX operates facilities in California, Florida, Ohio, Virginia and Alabama. AEVEX is headquartered in Solana Beach, California.

Since Madison Dearborn Partners’ formation in 1992, the firm has raised aggregate capital of more than $31 billion and has completed over 160 platform investments. Madison Dearborn Partners invests across four dedicated industry verticals, including financial services, healthcare, basic industries and technology & government. Drawing on deep industry and operational expertise, Madison Dearborn Partners works closely with management teams to drive value creation and operational improvement across its portfolio. Madison Dearborn Partners is headquartered in Chicago, Illinois.

Industrial

AEVEX initial public offering