Friday, Global Defense Technology & Systems, Inc. (GTEC) announced the pricing of its initial public offering of 4.6 million shares of common stock at $13 per share, below its previously estimated $14 to $16 per share range. The company said that the offering is expected to close on or about November 25. Of the total shares offered, 3.0 million shares are being sold by the company and 1.6 million shares are being sold by certain selling stockholders.
The underwriters have a 30-day option to purchase up to an additional 690,000 shares of common stock from one of the selling stockholders at the initial public offering price.
Global Defense Technology said that it will use the proceeds from the offering to repay debt and for general corporate purposes, including future acquisitions.
Cowen and Company, LLC acted as book-running manager while Stifel, Nicolaus & Company, Incorporated, Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc. acted as co-managers for the company.
Global Defense reported a profit of $1.6 million in the first half of 2009, up from $0.13 million in the prior year. Revenue grew 11% to $103 million.
GTEC last closed at $13.00 on the Nasdaq
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