Lyntris Plans to Go Public in The US With A $2.5 Billion Value

The Trive Capital-backed startup Lyntris announced on Monday that it is aiming for a valuation of up to $2.53 billion in its U.S. IPO, making it the latest to test the strong investor appetite for military listings.

Lyntris, a company based in Falls Church, Virginia, is selling investors 24 million shares at a price of $19 to $22 each in an effort to raise up to $528 million.

Since April, a number of defense businesses have accelerated their plans to list, as investor interest has increased due to the U.S.-Israeli attack on Iran.

Since April, Arxis (ARXS.O), AEVEX (AVEX.N), Applied Aerospace & Defense (AADX.N), Doncasters (DPC.N), and HawkEye 360 (HAWK.N) have made their New York debuts.

In May, Trive Capital formed Lyntris by merging its portfolio businesses, Accelint and Vitesse. Since 2018, the united company has grown thru 12 acquisitions.According to Matt Kennedy, senior strategist at Renaissance Capital, a company that specializes in IPO-focused research and ETFs, “M&A-driven companies can appeal to investors because it’s a fairly straightforward story: grow thru acquisitions and improve margins by cutting backoffice expenses and deleveraging.”

Lyntris provides the United States and its allies with combat sensors and software. As of December 31, it was engaged in more than 200 active defense programs, and it stated that no single program accounted for more than 7% of its total income.

As of June 30, its backlog had more than doubled to $923.9 million from the previous year.

“A major selling factor is the expanding backlog. Additionally, the majority of their products are well-positioned in the supply chains of their customers,” Kennedy stated.

In comparison to a net loss of $9.7 million on revenue of $179.1 million a year prior, Lyntris recorded a net loss of $13 million on revenue of $241 million in the six months that concluded on June 30.

Lead book-running managers include Guggenheim Securities, Citigroup, and Evercore ISI. The NYSE will list Lyntris under the symbol “LYNX.”