SI goes public

SI International Inc. hit the public stage Nov. 12, when its stock began trading on Nasdaq.

Using the symbol SINT, the McLean, Va., company pegged its opening price at $14 per share, and issued 4.35 million shares of common stock. At the closing bell on the first day of trading, SI International remained at $14.

SI provides IT and network solutions to the federal government. In 2001, the company had $146.6 million in revenue.

The company plans to use the proceeds from the initial public offering to repay debt, repurchase warrants and finance other general corporate purposes, including making acquisitions, according to SI's filings with the Securities and Exchange Commission.

Wachovia Securities and Legg Mason Wood Walker served as the co-lead managing underwriters of the offering, with BB&T Capital Markets serving as a co-manager.

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