Home / News / News- Global Defense Technology Holds IPO

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.

Check Also

Army Names Five Awardees for Future Attack Reconnaissance Aircraft Design Phase

The U.S. Army has awarded other transaction agreements to five contractors to provide initial designs …

Iridium Records 12% Growth in Q1 2019 Revenue; Matt Desch Quoted

Iridium Communications (Nasdaq: IRDM) reported $133.7M in total revenue for the first quarter of 2019, …