Lyntris, a Falls Church, Virginia-based defense technology company backed by Trive Capital, is seeking a valuation of up to US$2.53 billion in a US initial public offering that could raise as much as US$528 million.

The company plans to sell 24 million shares at US$19 to US$22 each.

Lyntris was formed in May, when Trive Capital combined portfolio companies Accelint and Vitesse under the Lyntris name.

The company brings together Accelint’s mission systems, AI-enabled decision support, autonomy, and command-and-control capabilities with Vitesse’s sensing hardware, multiband radio frequency technologies, and integrated satellite payloads.

Its products include sensor systems, AI-driven data fusion, command-and-control and autonomy software, and logistics and training tools for air and missile defense, maritime domain awareness, space intelligence, surveillance and reconnaissance, and resilient communications.

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

Its backlog more than doubled to US$923.9 million as of June 30.

The listing follows a run of defense IPOs in New York since April.

It also comes as aerospace and defense could see more IPO activity, while A&O Shearman said Czechoslovak Group’s recent flotation was oversubscribed 10x.

🔗 Source: Reuters