Trive-backed aerospace and defense company, Karman, is filing for a US IPO

(Bloomberg) — Karman Holdings Inc., a manufacturer 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-based company, which does business as Karman Aerospace & Defense, disclosed increased profits in its filing Tuesday with the U.S. Securities and Exchange Commission.

Kerman’s net income was $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.

The Huntington Beach, California-based supplier’s listing of companies including Northrop Grumman and Lockheed Martin could raise between $400 million and $500 million, Bloomberg News reported in December. Trev has been exploring options for Kerman, including a sale or an IPO that could value it at $3 billion or more, people familiar with the matter said.

The file shows that Kerman specializes in designing, testing, manufacturing and selling missile systems and defense and space programmes. The company has about 1,100 employees at locations in California, Oregon, Washington state and Alabama, according to the filing.

Following the IPO, Trive’s subsidiaries will continue to retain a majority of the voting rights of shareholders. Its website shows that the Dallas-based private equity firm has more than $7 billion in regulatory assets under management.

The filing shows the offering is being led by Citigroup Inc. and Evercore Inc. The company plans to trade its shares on the New York Stock Exchange under the symbol KRMN.

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