Defense tech firm Lyntris targets $2.5 billion valuation in US IPO

Aug 10 (Reuters) - Lyntris is ‌targeting a ​valuation ​of up to $2.53 billion in its U.S. initial public offering, the Trive Capital-backed company said on ‌Monday, making it the latest to test strong investor ⁠appetite for defense listings.

The Falls Church, Virginia-based Lyntris and selling stockholders are ‌seeking up to $528 million ‌by offering 24 million shares priced between $19 and $22 apiece.

A flurry of defense companies has pressed ahead with their listing ​plans since April as the U.S.-Israeli war on Iran has boosted investor appetite.

AEVEX, Arxis, HawkEye 360, Applied Aerospace & ⁠Defense and Doncasters have debuted in New York since April.

Trive Capital combined portfolio companies ​Accelint and Vitesse in May to form Lyntris. The combined firm has bulked through 12 acquisitions ​since 2018.

Lyntris makes battlefield sensors and ‌software for the U.S. and its allies. It is involved in more than 200 active defense ⁠programs as of December 31, with no individual program accounting for over 7% of revenue, it said.

Lyntris reported a net loss ⁠of $13 million on revenue of $241 million in the six months ended June ​30, compared with a net loss of $9.7 million on revenue of $179.1 million a year earlier.

Trive Capital, which holds a 69% stake in Lyntris, ‌plans to distribute its stake to its limited and general partners and no longer control ‌the firm after the offering.

Evercore ISI, Citigroup and Guggenheim Securities ⁠are lead book-running managers. Lyntris ‌will list on ​the NYSE under the symbol "LYNX."

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D'Silva and Sahal ‌Muhammed)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Lyntris launches IPO at $19-$22 per share on NYSE
• Unitree's Shanghai IPO more than 8,000 times oversubscribed by retail investors
• Microsoft plans to unveil next-generation AI chip in September, The Information reports