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.