Bloomberg / Contributor
Applied Aerospace & Defense raised $650 million in its initial public offering on the New York Stock Exchange on Wednesday, pricing 32.5 million shares at $20 each.
Priced at $20 per share, the deal landed inside the $18 to $21 range the company had marketed to investors, according to Reuters. Wednesday's debut ended with the stock settling at $19.01 — a 5% drop from where it was priced — according to Bloomberg. Using the outstanding share count from its regulatory filings, Bloomberg put the company's total market capitalization at $3.25 billion.
The Huntsville, Alabama-based company manufactures systems for space launch vehicles, defense aircraft, missile platforms, and other defense applications. On the hardware side, the company produces everything from flight-critical assemblies and precision aerospace components to deployable systems designed for use in space, according to Satellite Today. Customers include Anduril Industries, Boeing $BA +2.76%, and GE Aerospace, according to Reuters.
The company traces its origins to a deal engineered by Greenbriar Equity Group, which had separately owned both Applied Aerospace and PCX Aerosystems before merging them last December, according to Satellite Today. The combined company then acquired Vestigo Aerospace. Per its SEC filing, Greenbriar will hold roughly 81% of the combined company once the offering concludes.
