The Firefly Alpha launch vehicle and payload provider, Millennium, moved into the hot standby phase and wait for the VICTUS NOX callup in 2023. Photo: Firefly

Firefly Aerospace could raise up to $632 million in an initial public offering (IPO). Firefly announced Monday it has launched the roadshow for its proposed IPO and it plans to offer 16.2 million shares, priced between $35 and $39. 

The proposed IPO could bring Firefly between $567 million to $631.8 million. 

Firefly, which announced its plans to IPO earlier this month, plans to use some of the proceeds to replay debt under a credit agreement. According to its prospectus, Firefly has a total of $173.6 million in debt, including $136.1 million under a term loan facility and $37.5 million under finance leases and other obligations.

If Firefly goes public, the company’s owner AE Industrial Partners will still own a large portion of the company, according to Firefly’s Monday filing with the Securities and Exchange Commission (SEC). AE Industrial Partners will still own approximately $41.8% of the company’s stock, and would control more than half of the voting power on the board of directors, making it a “controlled company” by SEC standards. 

Firefly intends to trade on Nasdaq under the symbol “FLY.”

The company operates the small-lift Alpha launch vehicle, and it’s developing the medium-lift launch vehicle Eclipse, working with Northrop Grumman. It also operates the Blue Ghost lunar lander and made the first commercial successful soft landing on the Moon earlier this year.