Applied Aerospace & Defense Inc., of Huntsville, held its initial public offering, raising $650 million, according to news reports.
The advanced manufacturer of mission critical systems for space and defense offered 32.5 million shares of its common stock, priced between $18 and $21.
According to documents filed with the Securities and Exchange Commission, Applied intends to grant the underwriters a 30-day option to purchase up to an additional 4,875,000 shares of common stock. The company is listed on the New York Stock Exchange under the ticker symbol AADX.
According to a release from the company, Applied intends to use the proceeds from the IPO for repayment of debt and other general corporate purposes.
The company, led by Trip Ferguson, builds hardware for extreme operating environments in three core markets: space and launch systems, defense aviation and airborne system and precision strike systems. It has 11 facilities nationwide with more than 1,500 skilled professional employees.
