(Bloomberg) — Karman Holdings Inc., a maker of integrated systems for space and defense programs backed by Trive Capital, has filed for an initial public offering.
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The Huntington Beach, California company, which has been doing business as Karman Space and Defense, disclosed increased profits in its filing Tuesday with the U.S. Securities and Exchange Commission.
Karman had net income of $11 million on revenue of $254 million for the nine months ended Sept. 30, compared with a net loss of $342,182 on revenue of $203.7 million a year earlier, according to the filing.
A listing for the Huntington Beach, California-based supplier to companies including Northrop Grumman Corp. and Lockheed Martin Corp. raising $400 million to $500 million, Bloomberg News reported in December. Trive was exploring options for Karman including a sale or an IPO that could value it at about $3 billion or more, people familiar with the matter said.
Karman specializes in the design, testing, manufacturing and sale of systems for missile and defense and space programs, according to the filing. The company has about 1,100 employees across locations in California, Oregon, Washington state and Alabama, according to the filing.
After the IPO, Trive's affiliates will continue to hold the majority of shareholder voting power. Based in Dallas, the private equity firm has more than $7 billion of regulatory assets under management, according to its website.
The offer is led by Citigroup Inc. and Evercore Inc., the filing shows. The company plans to have its shares trade on the New York Stock Exchange under the symbol KRMN.
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