Wednesday, Global Defense Technology & Systems Inc. (GTEC) closed its initial public offering of 4.6 million shares of common stock, of which 3.0 million shares were sold by the company and 1.6 million shares were sold by certain selling stockholders. The offering was priced at $13.00 per share and resulted in net proceeds of $36.3 million to Global Defense Technology, after deducting underwriting commissions and discounts, but before other offering-related expenses.
The offering was made through an underwriting syndicate led by Cowen and Co., LLC, who acted as book-running manager. Stifel, Nicolaus & Co., Inc., Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc. acted as co-managers.
Global Defense Technology & Systems, Inc. provides mission-critical technology-based systems, solutions, and services for national security agencies and programs of the U.S. government. The company's services and solutions are integral parts of mission-critical programs run by the Department of Defense, Intelligence Community, Department of Homeland Security, federal law enforcement agencies, and other parts of the federal government charged with national security responsibilities.
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