The Falls Church, Virginia-based company plans to offer 24 million shares at a price range of $19 to $22 per share, potentially raising as much as $528 million.
Since April, several defense companies have accelerated their plans to go public as investor interest in the sector has grown following the U.S.-Israeli attack on Iran. Arxis (ARXS.O), AEVEX (AVEX.N), Applied Aerospace & Defense (AADX.N), Doncasters (DPC.N), and HawkEye 360 (HAWK.N) have all made their New York market debuts since then.
In May, Trive Capital established Lyntris by combining its portfolio companies Accelint and Vitesse. Since 2018, the combined business has expanded through 12 acquisitions.
Matt Kennedy, senior strategist at Renaissance Capital, which specializes in IPO-focused research and exchange-traded funds (ETFs), said M&A-driven companies can attract investors because their growth strategy is relatively straightforward: expand through acquisitions while improving margins by reducing back-office expenses and paying down debt.
Lyntris provides combat sensors and software to the United States and its allies. As of December 31, the company was involved in more than 200 active defense programs, with no individual program accounting for more than 7% of its total revenue.
The company’s backlog more than doubled to $923.9 million as of June 30 compared with the previous year.
“The expanding backlog is a major selling point. In addition, most of their products are well-positioned within their customers’ supply chains,” Kennedy said.
For the six months ended June 30, Lyntris reported a net loss of $13 million on revenue of $241 million, compared with a net loss of $9.7 million on revenue of $179.1 million during the same period a year earlier.
