Lyntris, a defense contractor based in Falls Church, Virginia, closed its New York Stock Exchange debut on Wednesday with an 11.4% decline in its share price.
The company’s shares opened at $15.50, down from the $17.50 IPO price set the prior day, following a reduction in the offering size. Lyntris ultimately sold 17 million shares, raising $297.5 million, after initially marketing 24 million shares at a range of $19 to $22.
Existing shareholders trimmed their offering by more than 7.8 million shares, while the company itself sold about 5.7 million shares, exceeding earlier proposals. The valuation implied by the IPO price placed the company at $1.78 billion.
The decline underscored investor caution toward new listings, despite a recent rebound in U.S. IPO activity. Several companies have scaled back deal sizes amid market uncertainty, reflecting broader caution in public market debuts.
