Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct manufacturing expansion into Europe and extending its reach across missile, aerospace, and defense programs.</li><li>Announced during the Farnborough International Airshow, the transaction would add facilities in Scotland, England, and Poland to Karman’s existing network of 17 U.S. sites.</li><li>Walker manufactures precision components and assemblies for missile seekers, guidance systems, and flight-control applications, with exposure to more than 25 European tactical missile, air, and defense programs.</li></ul>

Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct manufacturing expansion into Europe and extending its reach across missile, aerospace, and defense programs.Announced during the Farnborough International Airshow, the transaction would add facilities in Scotland, England, and Poland to Karman’s existing network of 17 U.S. sites.Walker manufactures precision components and assemblies for missile seekers, guidance systems, and flight-control applications, with exposure to more than 25 European tactical missile, air, and defense programs.

Karman Latest Acquisition: Four Synergies That Could Reshape Growth!

<ul><li>Karman Holdings is making headlines with its latest strategic maneuver—an all-cash and stock deal worth $220 million to acquire Seemann Composites and Materials Sciences.</li><li>This proposed acquisition signals Karman's intent to broaden its presence beyond traditional space and missile systems and into the maritime defense space, a move that aligns well with ongoing U.S. Navy modernization efforts.</li><li>The companies being acquired are known for their advanced composite systems tailored for submarines, naval vessels, and unmanned underwater and surface vehicles—assets that could fill a critical gap in Karman’s existing portfolio.</li></ul>

Karman Holdings is making headlines with its latest strategic maneuver—an all-cash and stock deal worth $220 million to acquire Seemann Composites and Materials Sciences.This proposed acquisition signals Karman's intent to broaden its presence beyond traditional space and missile systems and into the maritime defense space, a move that aligns well with ongoing U.S. Navy modernization efforts.The companies being acquired are known for their advanced composite systems tailored for submarines, naval vessels, and unmanned underwater and surface vehicles—assets that could fill a critical gap in Karman’s existing portfolio.

Karman Sets Sail: Why This Naval Acquisition Could Be Its Boldest Move Yet!

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Lyntris spans maritime, missile defense and space communications, positioning it directly within high-priority defense spending.</li>
<li>Trive’s successful KRMN IPO creates a favorable precedent for investor appetite toward Lyntris and defense technology.</li>
<li>First-Half revenue rose 34.6%, while Adjusted EBITDA increased 49.4% and margins expanded.</li>
</ul>


Lyntris spans maritime, missile defense and space communications, positioning it directly within high-priority defense spending.
Trive’s successful KRMN IPO creates a favorable precedent for investor appetite toward Lyntris and defense technology.
First-Half revenue rose 34.6%, while Adjusted EBITDA increased 49.4% and margins expanded.


Lyntris Inc (LYNX): Defense Demand Puts LYNX in the Crosshairs of a Strong Debut

York Space Systems / Equity Capital Markets

<ul>
<li>York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.</li>
<li>The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.</li>
<li>Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.</li>
</ul>


York Space Systems is targeting a $3.75b–$4.25b valuation in a January IPO, backed by AE Industrial Partners and BlackRock, following strong sector precedents.
The company is the leading provider to the DoD’s PWSA and a prime contractor on Golden Dome, benefiting from accelerating defense space spending.
Revenue grew 59% year over year in 2025, with expanding recurring software and services supporting long-term growth despite near-term losses.


York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

<ul>
<li>York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.</li>
<li>The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.</li>
<li>Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.</li>
</ul>


York Space Systems (YSS US) revenues surged 59% in nine months, leveraging momentum and investor interest ahead of its late-January IPO.
The company plans to raise over $500 million, targeting a $4 billion valuation, with AE Industrial Partners maintaining a significant stake post-IPO.
Vertically integrated, cost-efficient, and technologically advanced, York leads the DoD’s PWSA program, offering scalable satellite platforms, mission services, and recurring revenue streams.


York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

United States

Karman Holdings Inc operates as a holding company. The Company, through its subsidiaries, specializes in the design, testing, manufacturing, and sale of mission-critical and launch vehicles systems for existing and emerging missile, defense, and space programs. Karman Holdings serves customers worldwide.

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Karman Holdings (KRMN US)

Karman Latest Acquisition: Four Synergies That Could Reshape Growth!

Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct...

Baptista Research

Karman Sets Sail: Why This Naval Acquisition Could Be Its Boldest Move Yet!

Karman Holdings is making headlines with its latest strategic maneuver—an all-cash and stock deal worth $220 million to acquire Seemann Composites...

Baptista Research

Lyntris Inc (LYNX): Defense Demand Puts LYNX in the Crosshairs of a Strong Debut

Trive Capital backed IPO is setting up nicely with significant demand and a robust backlog. The IPO is scheduled to debut on Wednesday.

IPO Boutique

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Karman Latest Acquisition: Four Synergies That Could Reshape Growth!

Karman Holdings has agreed to acquire U.K.-based Walker Precision Engineering for approximately $94 million, marking its first direct...

Baptista Research

Karman Sets Sail: Why This Naval Acquisition Could Be Its Boldest Move Yet!

Karman Holdings is making headlines with its latest strategic maneuver—an all-cash and stock deal worth $220 million to acquire Seemann Composites...

Baptista Research

Lyntris Inc (LYNX): Defense Demand Puts LYNX in the Crosshairs of a Strong Debut

Trive Capital backed IPO is setting up nicely with significant demand and a robust backlog. The IPO is scheduled to debut on Wednesday.

IPO Boutique

York Space Station (YSS): Targets $4B Valuation as Defense-Space Momentum Fuels January IPO

​York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

IPO Boutique

York Space Station (YSS): Space & Defense Company Sets Terms for IPO Seeking North of $4b Valuation

​York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.

IPO Boutique

York Space Systems aims for a high valuation in upcoming IPO with strong backing, driven by growth in defense space spending and expanding revenue...

York Space Systems sees 59% revenue surge, plans $500 million IPO with $4 billion valuation, maintaining partnership with AE Industrial Partners.