Space firm Karman rises after upsized $1 billion secondary offering

Shares of defense and space systems maker Karman Holdings KRMN.N rise 1.3% to $49.74

KRMN announces pricing of 21 million shares sold by certain existing stockholders at $49 apiece, generating gross proceeds of $1.03 billion

Secondary offering boosted from an initial size of 20 million shares and priced at a 0.2% discount to the stock's last close

KRMN stock closed down 7.6% on Tuesday after the offering was unveiled and fell another 5.5% on Wednesday

Selling shareholders include private equity firm Trive Capital and Karman CEO Tony Koblinski

Citigroup and Evercore ISI are the book-running managers for the offering

KRMN went public in February following a 23 million-share IPO priced at $22 apiece

All five brokerages covering stock rate "buy" or higher; median PT $50.50, according to data compiled by LSEG

As of last close, KRMN stock has more than doubled since debut on February 13