Applied Aerospace IPO: 32.5m shares at $18-$21 (2026)

Roadshow launch puts pricing range on the table

Applied Aerospace & Defense, Inc., a Huntsville, Alabama-based manufacturer of mission-critical systems for space and defense, has launched the roadshow for its proposed initial public offering. The company is marketing 32,500,000 shares of common stock with an anticipated IPO price range of $18.00 to $11.00 per share. The offering is being made pursuant to a registration statement on Form S-1 filed with the US Securities and Exchange Commission (SEC). The registration statement has been filed but has not yet become effective, and the company said the offering will be made only by means of a prospectus.

Applied has applied to list its common stock on the New York Stock Exchange under the ticker symbol AADX. The announcement comes amid what multiple reports described as a wave of defense tech listings in recent weeks, keeping investor attention on new issuers tied to aerospace, defense, and government procurement.

Deal structure: base shares and a 30-day underwriter option

Alongside the base deal size of 32.5 million shares, Applied said it intends to grant the underwriters a 30-day option to purchase up to an additional 4,875,000 shares. This option would be exercisable at the IPO price, less underwriting discounts and commissions.

The shares are common stock with par value $1.01 per share, as disclosed in the roadshow announcement. As with many US IPOs, the final price and final number of shares sold will depend on investor demand during the marketing process and the eventual effectiveness of the registration statement.

Where the proceeds are expected to go

Applied said it intends to use the net proceeds from the offering primarily for repayment of certain indebtedness. The company also plans to allocate proceeds to other general corporate purposes, including working capital, operating expenses, and capital expenditures.

This use-of-funds mix suggests the IPO is positioned both as a balance sheet event and as a financing tool for ongoing operational needs. Beyond those stated categories, the company did not provide further breakdowns in the announcement text.

Listing venue and regulatory status

The company has applied to list on the New York Stock Exchange under the symbol AADX. It also highlighted that the S-1 registration statement has been filed with the SEC but is not yet effective, meaning the shares cannot be sold until effectiveness and prospectus delivery requirements are satisfied.

Separate reporting included in the provided material also stated that Applied filed confidentially on March 16, 2026. The roadshow announcement itself is dated May 26, 2026, placing the marketing phase after the initial filing work.

Underwriters and syndicate line-up

Applied named a large syndicate for the offering. Morgan Stanley and Jefferies are serving as lead book-running managers. BofA Securities, RBC Capital Markets, and Guggenheim Securities are serving as book-running managers.

The company also listed Baird, Stifel, and Wolfe | Nomura Alliance as bookrunners, and Academy Securities as co-manager. Another item in the provided material described joint bookrunners as including Morgan Stanley, Jefferies, BofA Securities, RBC Capital Markets, Guggenheim Securities, Baird, Stifel, WR Securities, and Nomura Securities.

Business snapshot: space and defense hardware supplier

Applied describes itself as an advanced manufacturer of mission-critical systems for space and defense. The supplied text also characterises the company as providing hardware to space and defense firms, and as manufacturing equipment and components for aerospace and defense uses.

A key detail disclosed in the provided material is customer concentration by end market: roughly 83% of revenue came from US government contracts in the twelve months ended December 31. That exposure can be a source of revenue stability when procurement spending is strong, but it also ties business performance closely to government budgets, award cycles, and contract timing.

Financial disclosure in the IPO paperwork

One report cited in the provided material said Applied’s revenue jumped 24.8% to $198.8 million in 2025. The same set of snippets described the issuer as private equity-backed.

Another item stated that Applied filed with the SEC to raise up to what was estimated could be $150 million in an IPO. This figure was described as an estimate in the provided text rather than a company-confirmed target.

Key terms at a glance

India watch: Apsis Aerocom SME IPO details in the same feed

The provided material also included a separate India-focused IPO item: Apsis Aerocom Ltd., operating in the aerospace and defense sector, is bringing an SME IPO of ₹35.77 crore, described as a fully fresh issue. The subscription window is listed as March 11, 2026 to March 13, 2026, with a possible listing on March 18, 2026 on the NSE SME platform. The allotment process was expected to complete by March 16, 2026.

The disclosed price band is ₹104 to ₹110 per share, with a lot size of 1,200 shares. Retail investors are required to apply for at least 2,400 shares, implying an investment of about ₹2.64 lakh at the upper price band. For HNI investors, the minimum is 3 lots (3,600 shares), implying about ₹3.96 lakh at the upper price band. Oneview Corporate Advisors Pvt. Ltd. is listed as the book running lead manager, and Integrated Registry Management Services Pvt. Ltd. as the registrar.

What to watch next

For Applied Aerospace & Defense, the next concrete milestones are tied to the SEC process and final IPO pricing. The company has stated the registration statement is not yet effective, and the final terms will be set through the prospectus-led process once regulatory steps are completed.

The deal’s pricing range, share count, and the underwriter greenshoe option provide the basic framework, while the disclosed 2025 revenue figure and government-contract revenue share offer initial context for investors assessing the business profile. The company’s investor relations contacts listed in the announcement include David Myers (SVP, Marketing & Strategy) and an investor relations email address provided in the release.