(Bloomberg) — Karman Holdings Inc., a maker of integrated systems for aerospace 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 Space and Defense, reported growing profits in its filing with the U.S. Securities and Exchange Commission on Tuesday.
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.
A listing for the Huntington Beach, California-based supplier to companies such as Northrop Grumman Corp. and Lockheed Martin Corp. could fetch $400 million to $500 million, Bloomberg News reported in December. Trive was exploring options for Karman, including a sale or initial public offering that could value it at about $3 billion or more, people familiar with the matter said.
Karman specializes in the design, testing, production and sales of systems for missile and defense and space programs, the documents show. According to the filing, the company has approximately 1,100 employees across locations in California, Oregon, Washington state and Alabama.
Following the IPO, Trive’s subsidiaries will retain a majority of shareholder voting rights. The Dallas-based private equity firm has more than $7 billion in regulated assets under management, its website shows.
The offering is led by Citigroup Inc. and Evercore Inc., the filing shows. The company plans to trade its shares on the New York Stock Exchange under the symbol KRMN.
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