Trive-backed defence tech group Lyntris targets $528m US IPO
Defence technology company Lyntris is targeting a US initial public offering that could raise up to $528m, providing private equity backer Trive Capital with an opportunity to sell down part of its investment amid strong public-market demand for defence companies, according to a report by Bloomberg.
Private equity firm Trive Capital is set to cash out a portion of its investment in defence technology company Lyntris through a proposed US IPO that could raise up to $528m, according to Bloomberg. Lyntris aims to issue around 4.9 million new shares while Trive and other existing shareholders offer approximately 19.1 million shares. Shares are expected to trade between $19 and $22 each, potentially giving the Falls Church, Virginia-based firm a market capitalisation of around $2.53bn at the higher end of the range.
Lyntris develops sensor, antenna, and proprietary software systems for military applications, with its technology currently deployed across over 200 programmes supporting the US Department of Defense and allied governments. The company reported revenue of $241m in the six months ending June 30, up from $179.1m a year earlier, but its net loss widened to $13m from $9.7m during the same period.
The IPO will be led by Evercore, Citigroup, and Guggenheim Securities, and Lyntris plans to use proceeds from the offering to repay about $60m of outstanding debt. The company was formed earlier this year through the merger of Vitesse Systems and Accelint, both previously owned by Trive Capital, making the IPO a significant liquidity event for the private equity firm following the combination of its portfolio companies. Lyntris intends to list its shares on the New York Stock Exchange under the ticker symbol LYNX.
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