Defense tech firm Lyntris targets $2.5 billion valuation in US IPO
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
Aug 10 : Lyntris is targeting a valuation of up to $2.53 billion in its U.S. initial public offering, the Trive Capital-backed company said on Monday, making it the latest to test strong investor appetite for defense listings.
The Falls Church, Virginia-based Lyntris and selling stockholders are seeking up to $528 million by offering 24 million shares priced between $19 and $22 apiece.
A flurry of defense companies has pressed ahead with their listing plans since April as the U.S.-Israeli war on Iran has boosted investor appetite.
AEVEX, Arxis, HawkEye 360, Applied Aerospace & Defense and Doncasters have debuted in New York since April.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Trive Capital combined portfolio companies Accelint and Vitesse in May to form Lyntris. The combined firm has bulked through 12 acquisitions since 2018.
Lyntris makes battlefield sensors and software for the U.S. and its allies. It is involved in more than 200 active defense programs as of December 31, with no individual program accounting for over 7 per cent of revenue, it said.
Lyntris reported a net loss of $13 million on revenue of $241 million in the six months ended June 30, compared with a net loss of $9.7 million on revenue of $179.1 million a year earlier.
Trive Capital, which holds a 69 per cent stake in Lyntris, plans to distribute its stake to its limited and general partners and no longer control the firm after the offering.
Evercore ISI, Citigroup and Guggenheim Securities are lead book-running managers. Lyntris will list on the NYSE under the symbol “LYNX.”
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
