Greenbriar-backed Applied Aerospace & Defense raises $650m in US IPO debut

Applied Aerospace & Defense, a government and defence contractor supported by private equity firm Greenbriar Equity Group, has secured $650m through its US initial public offering after pricing shares at $20 apiece, according to a report by Reuters citing a statement from the company.
The Huntsville, Alabama-based firm sold 32.5 million shares, pricing within its expected range of $18 to $21. The listing marks another significant entry in a wave of defence and aerospace companies tapping public markets amid heightened investor appetite for national security-linked assets.
Sector momentum has strengthened in recent months, with geopolitical tensions—particularly involving the US, Israel, and Iran—fueling renewed interest in defence technology equities. That backdrop has encouraged several companies to accelerate listing plans in order to capture stronger valuations and demand.
Recent IPO activity in the sector has included aerospace components supplier Arxis, drone manufacturer AEVEX, and spectrum analytics firm Hawkeye 360, all of which have recently debuted in New York.
Applied Aerospace & Defense was formed through a combination orchestrated by Greenbriar Equity Group, which merged Applied Aerospace with PCX Aerosystems last year. The legacy business traces its roots back to 1954 and supplies a broad range of aerospace and defense components, including fuselage structures, flight control systems, rocket motor casings, and engine shafts used in both space and defence applications.
Its customer base includes major industry players such as Anduril Industries, Boeing, and GE Aerospace.
The IPO was underwritten by Morgan Stanley and Jefferies. Shares are expected to begin trading on the New York Stock Exchange on Wednesday under the ticker “AADX.”