Firefly sets the size, specs of its public offering

Firefly Aerospace has set the terms of its pending initial public offering and the valuation it is seeking to fetch from investors through the sale of stock, according to amended regulatory documents filed Monday.

The launch and space systems manufacturer plans to offer investors 16.2 million shares at a price range of $35-to-$39 each, which would raise between $567 million and $631.8 million. The IPO’s underwriters have an option to purchase up to 2.43 million additional shares if investor demand outstrips the initial supply.

If all goes according to plan, Firefly would hit a valuation of $5.5 billion. That would exceed the $3.8 billion valuation achieved by fellow space company Voyager Technologies in the latter’s June IPO.

AE Industrial Partners, the private equity firm that acquired its majority ownership of Firefly in 2023, will own 41.8% of the stock post-IPO and continue to have significant control of the company by holding more than 50% of the voting power.

Like Voyager with its IPO, Firefly is looking to ride a wave of investor interest in and expectations of more government spending in defense and space programs. Both the Defense Department and NASA are looking to expand partnerships with commercial industry for their priorities.

Firefly is the company whose Blue Ghost vehicle landed on the Moon in March, which is a first for a commercial lunar lander .

Shares in Firefly will trade on the NASDAQ market under the ticker symbol “FLY.”

Goldman Sachs, J.P. Morgan, Jefferies and Wells Fargo Securities are acting as lead bookrunning managers for the IPO. Morgan Stanley, Deutsche Bank Securities and Cantor are working as joint bookrunners. Roth Capital Partners and Academy Securities have been designated the co-managers.