News- Global Defense Technology Holds IPO

Global Defense Technology and Systems, Inc. opened their initial public offering (IPO) $13 per share. On Friday, the shares went for $13.05, up 0.3 pct above the IPO.

The company, based in McLean, VA, sold 4.6 million shares for $59.8 million. Of the offered shares, Global Defense sold 3 million while stockholders are sold an additional 1.6 million. The proceeds from stockholder sales will not go to the company. Underwriters have a 30-day option to purchase around 690,000 shares at the IPO price.

The contracting firm provides support to intelligence, military, and homeland security agencies. In a filing with the Securities and Exchange Commission, Global Defense said that funding for counterterrorism and intelligence work, military presence overseas and increased mobility in the military will benefit the company.

Share this post:

Recent Posts

Your Direct Source of Government Contract News

  • Provides up-to-the-minute gov-con news
  • The top GovCon coverage & interviews in one daily email

Sign up to effortlessly stay ahead of the industry