(Bloomberg) -- Loar Holdings Inc. shares climbed 74% in its trading debut after the firm raised $308 million in an initial public offering that priced above a marketed range.

Shares of the manufacturer and supplier of niche aerospace and defense parts rallied to $48.80 on Thursday. The company, which makes components such as brakes and water purification systems for planes, sold 11 million shares Wednesday for $28 each after marketing them for $24 to $26.

The trading gives Loar a market value of roughly $4.3 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Loar joins a busy day for US debuts, after three companies raised some $1.4 billion in first-time share sales on Wednesday night, data compiled by Bloomberg show.

Loar had a net loss of $4.6 million on revenue of $317 million in 2023, compared with a net loss of $2.5 million on sales of $239 million a year earlier, according to its filings. 

The company’s investors include Abrams Capital Management LP, GPV Loar LLC and Blackstone Alternative Credit Advisors LP as well as affiliates of the firms which hold nearly two-thirds of the company. A group including Abrams Capital, GPV Loar and chief executive officer Dirkson Charles and executive co-chairman Brett Milgrim are set to continue to hold the majority of shareholder voting power.

Jefferies Financial Group Inc. and Morgan Stanley led the offering, the filings show. The shares are trading on the New York Stock Exchange under the symbol LOAR.

(Updates share movement throughout.)

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