Greenbriar Equity Group successfully took its space and defense platform Applied Aerospace & Defense public, raising $650 million through an offering. The Huntsville, Alabama-based company priced 32.5 million shares at $20 each on June 2, beginning NYSE trading under ticker AADX. Greenbriar retains significant ownership despite the public offering.

At the offering price, Applied Aerospace & Defense values approximately $3.4 billion. Greenbriar is not reducing its stake in the base offering, with the company receiving proceeds rather than the sponsor. Affiliates will own about 81% of common stock once the offering closes, maintaining substantial control over the platform.

Should underwriters exercise their option for an additional 4.875 million shares, Greenbriar's ownership would decrease to 78.7%. The IPO reflects strong investor appetite for defense and aerospace companies, positioning Applied Aerospace for growth in government and commercial space markets.