Lyntris Raises $297.5M in Downsized US IPO
Lyntris, a defense contractor, raised $297.5 million in a downsized US IPO after pricing below the marketed range and offering fewer shares.
The company priced its initial public offering of 17 million shares at $17.50 per share, compared with the marketed range of $19 to $22.
Background
Lyntris is the latest in a wave of defense companies to list their shares in New York since April, as boardrooms look to seize the opportunity created by the Middle East war.
The company, which makes battlefield sensors and software for the US and its allies, was involved in over 200 active defense programs as of December 31.
IPO Details
The listing caps off a robust summer window for the IPO market, when easing volatility and stronger market conditions encouraged companies to move ahead with their plans to go public.
Lyntris sold about 5.7 million shares in the offering, more than its earlier proposal of about 4.9 million shares, while its existing shareholders reduced their offering by more than 7.8 million shares.
Expert Analysis
"(Defense) companies need to demonstrate that they can achieve sustainable growth, driven by mission-critical products," said Matt Kennedy, senior strategist at Renaissance Capital.
Financials
Lyntris's backlog more than doubled to $923.9 million as of June 30 from a year earlier.
The company will begin trading on the NYSE under the symbol "LYNX" on Wednesday.
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