NCI makes public debut

NCI Information Systems Inc. of Reston, Va., makes its debut on Wall Street Monday with an initial public offering priced at $10.50 a share. The company is the first federal IT company to go public in nearly two years.

The company is selling about 5.2 million shares and plans to raise about $54 million. The money will be used to pay down debt and make acquisitions, according to its filings with the Securities and Exchange Commission.

The IPO is being led by four banks: Legg Mason Wood Walker Inc., Raymond James, Robert W. Baird & Co. and Stephens Inc.

NCI is ranked No. 92 on Washington Technology's 2005 Top 100 list. The company had 2004 revenue of $171.3 million and for the first six months of 2005 it had $93.5 million, according to its filing. About two-thirds of the company's business comes from defense and intelligence work. NCI provides services such as network engineering, information assurance, systems development and integration, and enterprise systems management.

The company was founded in 1989 by Charles Narang, who serves as company chairman and chief executive. Michael Solley, who helped MTC Technologies Inc. of Dayton, Ohio, go public in 2002, is the company's president.