SAIC raises $1.13B after IPO

Shares of Science Applications International Corp. stock are trading at about $17.98 per share, 98 cents above today's opening price on the New York Stock Exchange, following the company's initial public offering Thursday.

Defense contractor SAIC formerly was one of the nation's largest employee-owned companies. Its 75-million-share IPO was priced at $15 per share for a value of $1.13 billion.

Its opening price this morning was $17 per share, and trading volume has been about 38 million shares today. Underwriters Morgan Stanley & Co. Inc. and Bear, Stearns & Co. Inc. have the option to buy an additional 11.25 million shares.

SAIC also said it will pay a $2.45 billion special dividend to its employee owners.

SAIC of San Diego has more than 43,000 employees and had annual revenues of $7.8 billion for the year that ended Jan. 31, 2006. The company ranks No. 3 on Washington Technology's 2006 Top 100 list of the largest federal IT contractors.

In other IPO news, consulting firm ICF International Corp. of Fairfax, Va., which had an initial public offering Sept. 28, is now trading at $12.28 per share. Its initial offering was $12 per share. Also, Stanley Associates of Arlington, Va. has filed for an IPO but details have not been released.