IPO Price Raised to $41-43 Per Share
Collaboration with Northrop, Lockheed, and Others
Firefly Aerospace, a US space company led by Korean-American CEO Jason Kim, is pursuing an initial public offering (IPO).
According to Reuters and US financial media outlet CNBC on August 4 (local time), Firefly stated in documents submitted to the US Securities and Exchange Commission (SEC) that it expects the IPO price per share to be between $41 and $43.
This is higher than the $35 to $39 range indicated in documents submitted last week. As a result, the company's targeted valuation has also increased from $5.5 billion to over $6 billion. The company plans to issue a total of 16.2 million shares to raise approximately $696.6 million, based on a price of $43 per share.
Lucas Muehlbauer, an analyst at IPO market research firm IPOX, said, "The narrow price range presented by the company reflects strong demand and confidence in the pricing."
Firefly is expected to finalize the IPO price on August 6 and, after regulatory approval, begin trading on the Nasdaq under the ticker symbol 'FLY' starting August 7.
The company manufactures rockets and lunar landers. In particular, in March of this year, it became the first private company to successfully land an unmanned probe on the moon. It also secured a $50 million (approximately 69.3 billion won) investment from US defense contractor Northrop Grumman and continues to collaborate with companies such as Lockheed Martin, L3Harris, and the National Aeronautics and Space Administration (NASA).
As of the end of March this year, Firefly's revenue stood at $55.9 million, more than six times higher than the $8.3 million recorded a year earlier. However, net losses increased from $52.8 million last year to $60.1 million this year.
CEO Kim is from a Korean immigrant family in Texas. After graduating from the US Air Force Academy, he served as an Air Force officer. He then worked at defense companies such as Northrop Grumman and Raytheon, served as CEO of the startup Millennium Space Systems, and joined Firefly in October last year.
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