Booz Allen raises $238M in IPO
By
Nick Wakeman
The company will use its IPO proceeds to pay down debt.
Booz Allen Hamilton hit Wall Street Wednesday and raised $238 million with its initial public offering of stock.
The company set its share price $17 and plans to use the proceeds of the IPO to pay down debt.
RELATED STORY
Beyond the hype of Booz Allen's IPO
During trading on Wednesday, the shares hit a high of $19.57 before ending the dat at $19.25.
The Carlyle Group, a private equity firm, acquired Booz Allen in 2008 in a move that split off the company’s commercial business into a separate business while Carlyle gained control of the government business.
After the initial public offering, the Carlyle Group still owns a 71 percent of Booz Allen.
The company is trading under the ticker symbol BAH. Morgan Stanley, Barclays Capital Inc., BofA Merrill Lynch and Credit Suisse Securities acted as joint book-running managers of the IPO with Stifel, Nicolaus and Co. acting as co-lead manager and BB&T Capital Markets, Lazard Capital Markets and Raymond James and Associates acting as co-managers.
NEXT STORY: 8 vital White House Twitter feeds