Booz Allen raises $238M in IPO

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.

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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.