Defence and space technology company Voyager Technologies was valued at US$3.8 billion (A$5.8 billion) as its shares more than doubled when they were listed on the New York Stock Exchange on Wednesday (Thursday AEST).
The Denver, Colorado–based company's stock (NYSE: VOYG) opened 125% higher than the $31 per share offer price at $69.75, trading between $51.14 and $73.95 before closing at $56.48.
The company sold 12.4 million Class A shares in an initial public offering (IPO) jointly managed by Morgan Stanley and J.P. Morgan, which was expected to be priced between $26 and $29 per share.
Founded in 2019 as Voyager Space, Voyager Technologies provides mission-critical space and defence technology to government and commercial clients in sectors such as including national security, advanced technology and space infrastructure.
Chief Executive Officer Dylan Taylor said the IPO timing was appropriate as themes coincided, such as space infrastructure, with the need to replace the international space station (ISS), and national security, with the proposed Golden Dome missile defence initiative.
“The right company at the right time at the right place,” Taylor said in an interview on CNBC Television.
Asset managers Janus Henderson and Wellington Management were interested in buying up to $60 million of Voyager shares.
Voyager reported a net loss of $26.9 million on revenue of $34.5 million in the three months ended 31 March, compared with a net loss of $14.8 million on revenue of $30.2 million in the same quarter last year.
The company has a $217.5 million development grant with the National Aeronautics and Space Administration (NASA) to design Starlab, the commercial space station to replace the ISS, which is set to be decommissioned in 2030.
Voyager's flotation comes months after defence and space company Karman (NYSE: KRMN) went public with its stock more than doubling to Tuesday's close.
