Arxis Inc. has initiated an initial public offering to sell 37,735,849 shares of its Class A common stock, targeting a price between $25.00 and $28.00 per share, the company disclosed in its filing.
The shares are expected to trade on the Nasdaq Global Select Market under the symbol "ARXS." Arxis is identified in the filing as a portfolio company of Arcline Investment Management and is described as a designer and manufacturer of electronic and mechanical components that serve aerospace, defense, medical technology and industrial end markets.
Underwriting syndicate and roles
Goldman Sachs & Co. LLC, Morgan Stanley and Jefferies have been named as lead joint book-running managers for the proposed offering. Citigroup and RBC Capital Markets are listed as joint book-running managers. Additional book-running managers are Baird, Guggenheim Securities, Wells Fargo Securities, William Blair, Rothschild & Co and Wolfe | Nomura Alliance. Citizens Capital Markets is serving as co-manager.
Regulatory and timing caveats
The company has submitted a registration statement to the Securities and Exchange Commission, but the filing has not been declared effective. The filing explicitly notes that the offering is subject to market conditions and there is no assurance regarding when or whether the offering will be completed or what the final terms might be.
Business focus and operations
Arxis operates out of Bloomfield, Connecticut. The company focuses on components that the filing terms as mission-critical - parts engineered to meet complex performance requirements for customers across a set of specialized markets, including aerospace, defense, medical technology and industrial applications.
The filing provides the framework for the offering and identifies the firms handling distribution and underwriting. Beyond the registration filing and the list of managing banks, the company described its core markets and manufacturing focus but did not set a definitive timetable for the transaction.