Aerospace, Defense Parts Maker Arxis Raises $1.13 Billion in IPO

Arxis Inc., a maker of electronic and mechanical parts for aerospace and defense firms, raised $1.13 billion in an upsized initial public offering.

Bloomfield, Connecticut-based Arxis sold 40.5 million shares for $28 each, according to a statement Wednesday. The company had marketed 37.7 million shares for $25 to $28.

At the IPO price, Arxis has a market value of about $11.3 billion, based on the outstanding shares listed in its filings.

Arxis, which makes electronic and mechanical components for aerospace and defense, medical technology, and specialized industrial markets, is backed by Arcline Investment Management.

As defense budgets rise, ...