Lyntris Targets $528m US IPO Backed by Trive Capital
Defence technology company Lyntris is targeting a US initial public offering that could raise up to $528m. The filing gives private equity backer Trive Capital an opportunity to sell down part of its investment, according to Private Equity Wire. Lyntris plans to issue approximately 4.9 million new shares while existing shareholders including Trive offer around 19.1 million shares.
IPO Structure and Valuation
The shares are expected to be priced between $19 and $22 each. At the top of the proposed range, Lyntris would have a market capitalisation of approximately $2.53bn. Evercore, Citigroup and Guggenheim Securities are leading the offering. The company expects its shares to trade on the New York Stock Exchange under the ticker LYNX.
Use of Proceeds and Operations
Lyntris intends to use part of the IPO proceeds to repay approximately $60m of outstanding debt. The Falls Church, Virginia-based company develops sensor, antenna and proprietary software systems for military applications. Its technology is currently deployed across more than 200 programmes supporting the US Department of Defense and allied governments.
Financial Performance
Lyntris generated revenue of $241m in the six months ended June 30, up from $179.1m during the same period a year earlier. Its net loss widened to $13m from $9.7m over the same periods.
Background and Ownership
Lyntris was created earlier this year through the merger of Vitesse Systems and Accelint, both of which were previously owned by Dallas-based Trive Capital. The IPO therefore represents an important liquidity event for the private equity firm following the combination of its portfolio companies, according to Private Equity Wire.
