SRA gets Wall Street welcome
SRA International Inc. saw its shares jump more than 26 percent over its offering price on its first day of trading on the New York Stock Exchange.
SRA International Inc., Fairfax, Va., saw its shares jump more than 26 percent over its offering price on its first day of trading May 24 on the New York Stock Exchange.
SRA, trading under the ticker symbol SRX, was priced at $18 but opened at $22 a share and closed at $22.70. The stock's high during the day was $23.20.
The systems integrator offered 5 million shares and raised $90 million, which will be used for paying down debt and other "general corporate purposes," including acquisitions, according to SRA's filings with the Securities and Exchange Commission.
The underwriters for the offering include Salomon Smith Barney; UBS Warburg; Legg Mason Wood Walker Inc.; Raymond James; Adams, Harkness & Hill Inc.; and BB&T Capital Markets.
SRA is one of several government IT companies to go public in recent months. ManTech International Inc. and Anteon Corp., both of Fairfax, went public earlier this year. IPOs are pending for Veridian Corp., Arlington, Va., and SI International Inc., McLean, Va.