L3Harris Technologies has named JPMorgan Chase and Morgan Stanley as joint lead banks for the planned initial public offering of Axyv, the companys missile unit, according to people familiar with the situation who asked not to be identified because the information remains private.
Those people said the potential flotation could raise up to $2 billion. The sources added that the company could proceed with a public listing as soon as next month, after submitting a confidential registration in April. The underwriting syndicate is not necessarily final and may expand if additional banks are brought in.
L3Harris is identified as one of the largest defence contractors in the United States. The selection of JPMorgan and Morgan Stanley positions the two banks to handle lead underwriting responsibilities for Axyvs market debut, should the company elect to move forward on the timeline indicated by the sources.
This account is based on information provided by unnamed individuals with knowledge of the matter. Those individuals emphasized the non-public nature of the details. No further specifics about valuation, the structure of the offering, the precise timetable, or the identities of any additional banks were provided.
Market participants and observers will watch for formal filings and public announcements that would confirm the size and timing of the transaction and identify the full group of underwriters. Until then, the information remains preliminary and subject to change.
Context and next steps
The people cited indicated three primary points: JPMorgan and Morgan Stanley have been chosen to lead the offering; the IPO could raise as much as $2 billion; and the company filed confidentially in April and may list as soon as next month. Additional underwriters could still be added to the deal team.
Because the details come from non-public sources, formal confirmation through regulatory filings or an issuer statement will be necessary to finalize the terms and timetable of the proposed offering.