Arxis, an aerospace and defense electronics and components manufacturer, raised $1.1 billion by offering 40.5 million shares at $28, the high end of the $25 to $28 range. The company had originally planned to offer 37.7 million shares. Cornerstone investors Capital Group, Janus Henderson Investors, and T. Rowe Price had indicated on $400 million of the IPO (now 35% of the deal).
The company designs and manufactures specialized electronic and mechanical components used in high-performance and demanding environments. Its products include connectors, cable assemblies, RF and microwave components, sensors, and precision mechanical parts such as bearings and seals, which are integrated into aerospace, defense, and space systems, as well as applications in medical technology, semiconductor testing, and industrial automation. Since being formed in 2019 from a number of processor companies, Arxis has completed 32 acquisitions. Recent acquisitions include Kaman Corporation, Spira Manufacturing, and Oldham Seals Group.
The Bloomfield, CT-based company will trade on the Nasdaq under the symbol ARXS. Goldman Sachs, Morgan Stanley, Jefferies, Citi, RBC Capital Markets, Baird, Guggenheim Securities, Wells Fargo Securities, William Blair, Rothschild, Nomura Securities, and WR Securities acted as joint bookrunners on the deal.
