Defense and aerospace systems manufacturer Karman Holdings (KRMN.US) has submitted an application for an IPO on the US stock market, aiming to raise $100 million.

Karman Holdings (submitting the application under the name of TCFIII Spaceco Holdings) is a company that manufactures mission-critical systems for defense and space programs. The company submitted an IPO application to the U.S. Securities and Exchange Commission on Tuesday, aiming to raise $100 million. The company currently operates under the name Karman Space and Defense, specializing in providing preliminary design, testing, manufacturing, and sales services for mission-critical systems for existing and emerging missiles, defense, and space programs. Its integrated payload protection, propulsion, and interstage systems solutions are deployed in various programs supporting important initiatives of the Department of Defense and space agencies. Karman's highly engineered solutions are divided into three main series: payload protection and deployment systems, aerodynamic interstage systems, and propulsion systems. These solutions are deployed in three core end markets: hypersonic and strategic missile defense, missile and integrated defense systems, and space and launch. The company was established in 2020 and had revenues of $3.31 billion for the twelve months ending on September 30, 2024. The company plans to list on the New York Stock Exchange under the ticker symbol KRMN. Karman Holdings confidentially submitted the application on October 22, 2024. Citigroup, Evercore ISI, RBC Capital Markets, and William Blair are the joint book-running managers for the transaction. The company did not disclose the pricing terms.