Lyntris Inc., a Falls Church, Virginia-based defense technology company backed by Trive Capital, priced its initial public offering at $20 per share on Tuesday, the lower half of its marketed $19 to $22 range.
The company sold 24 million shares, raising approximately $480 million in gross proceeds, according to a report by Bloomberg. Selling stockholders, including the firm itself, sought up to $528 million, implying a valuation near $2.53 billion at the offering price.
Investor demand was strong, with orders described as oversubscribed by long-only investors and sector-focused hedge funds. The IPO was underwritten by a syndicate led by Evercore Inc., Citigroup Inc., Guggenheim Securities, and Bank of America Corp.
Lyntris, which trades under the ticker LYNX on the New York Stock Exchange, is expected to begin trading on Wednesday. The pricing follows the market close on Tuesday in New York, as scheduled.
