Lyntris IPO Priced Below Range, Raises $297.5M

Lyntris and its existing stockholders secured $297.5 million through a U.S. initial public offering, which was downsized and priced below its marketed range. The defense contractor set its IPO price at $17.50 per share, falling short of the initial $19 to $22 target. The company and its shareholders had originally planned to offer 24 million shares, aiming for up to $528 million, but adjusted their offering.

The adjusted offering saw Lyntris sell approximately 17 million shares, with existing shareholders reducing their contribution. This listing marks the end of a robust summer for the IPO market, as easing volatility encouraged companies to go public. Lyntris joins a recent wave of defense firms listing in New York, capitalizing on opportunities presented by geopolitical events.

Formed in May by private equity firm Trive Capital through the combination of Accelint and Vitesse, Lyntris delivers battlefield sensors and software to the U.S. and its allies. As of December 31, the company was involved in over 200 active defense programs, with no single program exceeding 7% of its revenue. Its backlog more than doubled to $923.9 million by June 30, compared to the previous year.