Karman Holdings, backed by Trive Capital, said on Wednesday that it is targeting a valuation of up to $2.6 billion in its New York initial public offering as the defense and space systems maker looks to take advantage of an expanding market.

Karman Holdings Inc., a maker of integrated systems for space and defense programs, and shareholders including Trive Capital are seeking to raise as much as $421 million in its initial public offering.

The company and selling shareholders aim to raise up to $421 million by offering approximately 21 million shares priced between $18 and $20 each

Defense and space systems maker Karman Holdings said on Wednesday that the company and selling shareholders were aiming to raise up to $421 million in its initial public offering in the United States.

Learn about Karman Holdings' upcoming $100 million US IPO, their focus on missile and space systems, and the financial challenges they face. Read the stock report on Seeking Alpha.