Firefly Aerospace increased the expected price range for its upcoming initial public offering (IPO), now targeting $41 to $43 per share.
The Details: The new range would give the space technology firm a valuation of over $6 billion, an increase from its earlier target of $5.5 billion with a $35 to $39 share price, according to CNBC.
At the top end of the new range, Firefly would raise nearly $697 million.
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The company, which announced its plans to go public last month amid rising interest in space technology investments, produces rockets, space tugs and lunar landers and is recognized for its Alpha satellite launch rockets.
Firefly partners with large industry names including Lockheed Martin, L3Harris and NASA, and recently received a $50 million investment from Northrop Grumman.
Firefly reported revenues of $55.9 million at the end of March, up significantly from $8.3 million a year earlier. However, its net loss also grew to $60.1 million compared to $52.8 million from the previous year.
The IPO, which is scheduled for some day this week, comes as the space sector tests renewed interest in public offerings, with other companies like Voyager Technologies, Inc. (NYSE:VOYG) also entering public markets after a long lull in IPO activity.
Voyager began trading on the New York Stock Exchange in June. The stock's IPO was priced at $31 per share and ended its first day up 82.2% at $56.48.
On its second day, Voyager shares continued their upward trend, gaining more than 9%. Through its upsized IPO, Voyager raised $382.8 million.
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