Deal Details

Applied Aerospace & Defense Completes $650.0 Million Initial Public Offering

Industrial

Applied initial public offering

Summary

Applied Aerospace & Defense, Inc. (“Applied” or the “Company”) (NYSE: AADX), a portfolio company of Greenbriar Equity Group (“Greenbriar”), recently announced the pricing of its initial public offering of 32,500,000 shares of its 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 4,875,000 shares of Applied’s common stock.

The Offering generated approximately $650.0 million in primary gross proceeds for Applied. The Company intends to use the net primary proceeds for repayment of certain indebtedness and for other general corporate purposes, including working capital, operating expenses, and capital expenditures.

Baird served as a Bookrunner on the Offering.

Key Offering Metrics

Pricing Date - June 2, 2026
Exchange / Ticker - NYSE / AADX
Initial Filing Range - $18.00 - $21.00
Offer Price - $20.00
Base Offering Size - $650.0 million (100% primary)
Overallotment Option - $97.5 million (100% primary)
Total Offering Size - $747.5 million
Diluted Market Cap - $3.4 billion
Enterprise Value - $3.8 billion
Sponsor - Greenbriar Equity Group
Execution - 6-day roadshow

About

Applied is a premier provider of advanced design, engineering and vertically integrated manufacturing solutions for leading and next-generation space and defense technology companies. Applied builds complex hardware for extreme operating environments and is focused on three core markets: Space and Launch Systems, Defense Aviation and Airborne Systems, and C5ISR and Precision Strike Systems. With decades of space and defense manufacturing heritage, Applied combines deep material science and IP-enabled process expertise with the ability to enable rapid prototyping, enhance new product development, and responsively scale production. Across its nationwide infrastructure of advanced manufacturing facilities, Applied continuously supports a balanced mix of next-generation technology and platform development, large scale production programs, and aftermarket sustainment for enduring platforms. Applied is headquartered in Huntsville, Alabama.

Greenbriar is a private equity firm with over 25 years of experience investing in market-leading services and manufacturing businesses. With more than $15 billion of cumulative capital commitments, its investment strategy targets businesses led by experienced management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s deep sectoral expertise, strategic insight, and operating capabilities. Greenbriar is headquartered in Greenwich, Connecticut.