Private equity-controlled Applied Aerospace & Defense (AADX Proposed) disclosed the terms for its IPO – 32.5 million shares at a price range of $18.00 to $21.00 – to raise $633.8 million, if priced at the $19.50 mid-point of its range, according to an S-1/A filing early today – Tuesday, May 26, 2026.
Bankers plan to price the Applied Aerospace & Defense IPO next week – on Tuesday night, June 2, 2026 – to trade Wednesday, June 3 – on the New York Stock Exchange.
At pricing, Applied Aerospace & Defense would have a market cap of $3.33 billion – if the IPO is priced at the $19.50 mid-point of its range.
Morgan Stanley and Jefferies are the lead joint book-running managers.
BofA Securities, RBC Capital Markets, Guggenheim Securities, Baird, Stifel and Wolfe Nomura Alliance are also joint book-runners.
Applied Aerospace & Defense, based in Huntsville, Alabama, provides design, engineering and manufacturing services to the aerospace and defense industries, the prospectus said. More from the prospectus:
“Our roots go back to 1900, when PCX Aerosystems was founded. Our company was created in December 2025 when PCX Aerosystems was merged with Applied Aerospace, which was founded in 1954.”
After the IPO, affiliates of private equity firm Greenbriar Equity Group, L.P. will own about 81 percent of the common stock of Applied Aerospace & Defense. As a result, Applied Aerospace & Defense will be a “controlled company,” the prospectus said.
In the prospectus, Applied Aerospace & Defense said it intends to use $588.9 million of the IPO’s net proceeds to repay debt – with $56.1 million earmarked to repay its revolving credit facility and $532.8 million intended to repay term loan borrowings under its credit agreement.
Applied Aerospace & Defense is not profitable: Net loss of $24.84 million on revenues of $522.09 million for the 12 months that ended March. 31, 2026, according to financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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