Karman Holdings Inc., a maker of integrated systems for space and defense programs, and shareholders including Trive Capital raised $506 million in an initial public offering, pricing its shares above a marketed range.

The Huntington Beach, California-based company, which has been doing business as Karman Space and Defense, and the selling shareholders sold 23 million shares for $22 each on Thursday after marketing them for $18 to $20 apiece, according to a statement.

At the IPO price, Karman has a market value of close to $3 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The planned listing would add to growing momentum in the US IPO market. First-time share sales have raised $6.5 billion so far this year with January having its busiest start for such sales since 2022.

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.

Source: FINANCE.YAHOO