Arxis has filed for a U.S. initial public offering with a target valuation of up to $11.2 billion, the aerospace parts and components manufacturer said on Wednesday. The Bloomfield, Connecticut-based company plans to sell 37.7 million shares in the offering, with the share price set in a range of $25 to $28, for proceeds of up to $1.06 billion.
The company, backed by private equity firm Arcline Investment Management, develops and manufactures both electronic and mechanical components that serve aerospace and defense customers as well as medical technology and specialized industrial markets. Arxis reports operations across two segments defined by product type - electronic components and mechanical components.
Arxis disclosed that it intends to use the funds raised to pay down outstanding debt, and to allocate the remaining proceeds toward working capital and other general corporate purposes. Arcline, the private equity sponsor, focuses on industrial-sector investments and continues to hold a supporting role in the transaction.
Several institutional investors have separately indicated interest in taking a portion of the offering. Funds and accounts managed by Capital International Investors, Capital Research Global Investors, Janus Henderson Investors and T. Rowe Price Investment Management have signaled they may buy up to a combined total of $400 million of shares from the IPO.
Goldman Sachs, Morgan Stanley and Jefferies are serving as the joint bookrunning managers for the offering. Upon completion of the IPO, Arxis plans to list on the Nasdaq exchange under the ticker symbol "ARXS."
The filing comes amid increased market attention on defense-related technology listings following a period of heightened volatility linked to the U.S.-Israeli war on Iran. Bankers have recently shown greater interest in taking defense tech and related companies public, viewing such listings as potentially more resilient in the current environment. Recent weeks have also seen filings from other defense- and precision-focused companies, including drone maker AEVEX and precision components manufacturer Elmet.
Contextual note - The information above reflects the details disclosed in Arxis' IPO filing, including the stated use of proceeds, investor indications of interest, and the identities of the bookrunning banks. Where projections or interests are described, they are reported as indicated in the filing and not as guarantees of future results.