UPDATE 2-Applied Aerospace & Defense raises $650 million in US IPO
Arxis, Inc. Class A ARXS | 0.00 | |
AEVEX Corp. Class A AVEX | 0.00 | |
Applied Aerospace & Defense, Inc. AADX | 0.00 | |
HawkEye 360, Inc. HAWK | 0.00 | |
GE Aerospace GE | 0.00 |
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June 2 (Reuters) - Private equity-backed government contractor Applied Aerospace & Defense AADX.N said on Tuesday it had raised $650 million in its U.S. initial public offering after pricing shares at $20 each.
The Huntsville, Alabama-based company sold 32.5 million shares within its indicated price range of $18 to $21 apiece.
Defense technology firms are crowding the U.S. IPO market, aiming to capitalize on heightened investor interest sparked by the U.S.-Israeli conflict with Iran.
Issuers are accelerating listing plans to leverage the sector's surging geopolitical relevance and valuation premiums.
Aerospace parts maker Arxis ARXS.O, drone maker AEVEX AVEX.N and radio signal analyzer Hawkeye 360 HAWK.N have gone public in New York in recent weeks.
Middle-market-focused buyout firm Greenbriar Equity Group, last year combined Applied Aerospace and PCX Aerosystems, founded in 1900, to form Applied Aerospace & Defense.
Applied Aerospace, founded in 1954, builds a wide range of products including fuselage, flight control surfaces, solid rocket motor cases and engine shafts for space and defense technology companies.
Its customers include Anduril Industries, Boeing BA.N and GE Aerospace GE.N, according to its website.
Morgan Stanley and Jefferies are among the underwriters on the offering. Applied Aerospace & Defense will list on the NYSE on Wednesday under the symbol "AADX."