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.
