Prime Highlights :
- Lyntris is targeting a valuation of up to $2.53 billion in its IPO.
- The company plans to raise up to $528 million from the share sale.
Key Facts :
- Lyntris is a defence technology company developing battlefield sensors and software.
- Lyntris’ backlog more than doubled to $923.9 million by the end of June.
Background :
Lyntris is targeting a valuation of up to $2.53 billion through its US initial public offering (IPO), as investor interest in defence companies remains strong. The Trive Capital-backed company plans to raise to $528 million by offering 24 million shares at $19 to $22 each.
Based in Falls Church, Virginia, Lyntris provides battlefield sensors and software to the US and allied forces. The company has more than 200 active defence programmes and said no single programme accounts for more than 7% of its revenue.
Lyntris was formed in May when Trive Capital combined its portfolio companies Accelint and Vitesse. The company has expanded through 12 acquisitions since 2018, following a strategy focused on growing through acquisitions and improving margins.
Its backlog more than doubled to $923.9 million by the end of June from a year earlier. Analysts said the strong backlog and the company’s position in defence supply chains could attract investors.
The IPO comes after several defence companies entered the US stock market from April as demand for defence-related stocks increased. Arxis, AEVEX, Applied Aerospace & Defense, Doncasters and HawkEye 360 have all completed US listings during this period.
Lyntris reported revenue of $241 million for the six months ended June, compared with $179.1 million a year earlier. However, its net loss increased to $13 million from $9.7 million.
The company plans to list on the New York Stock Exchange under the symbol LYNX. Evercore ISI, Citigroup and Guggenheim Securities are leading the offering.
