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La société Applied Aerospace & Defense
AADX.N, a government contractor backed by private investment funds, announced Tuesday that it had raised $650 million in its U.S. IPO, after pricing its shares at $20 each.
The company, based in Huntsville, Alabama, sold 32.5 million shares within the listed price range of $18 to $21 per share.
Defense technology companies are flooding the U.S. IPO market, seeking to take advantage of increased investor interest sparked by the U.S.-Israeli conflict with Iran.
Issuers are accelerating their IPO plans to take advantage of the sector’s growing geopolitical relevance and valuation premiums.
Aerospace parts manufacturer Arxis ARXS.O, drone manufacturer AEVEX AVEX.N and radio signal analyzer specialist Hawkeye 360 HAWK.N have gone public in New York in recent weeks.
Buyout firm Greenbriar Equity Group, which specializes in mid-sized companies, merged Applied Aerospace and PCX Aerosystems, founded in 1900, last year to form Applied Aerospace & Defense.
Applied Aerospace, founded in 1954, manufactures a wide range of products, including fuselages, flight control surfaces, solid propellant rocket motor cases and motor shafts for companies specializing in space and defense technology.
According to its website, its clients include Anduril Industries, Boeing BA.N and GE Aerospace GE.N .
Morgan Stanley and Jefferies are among the underwriters of the offering. Applied Aerospace & Defense will be listed on the New York Stock Exchange (NYSE) on Wednesday under the symbol “AADX.”
