SI International goes public
- By Patience Wait
- Nov 12, 2002
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 International was founded in 1998, and now employs more than 1,200 people. It had $146.6 million in revenue in 2001. The company provides IT and network solutions primarily to the federal government, including the Air Force Space Command, Army, departments of State and Energy, the intelligence community and the Immigration and Naturalization Service.
SI International holds a spot on numerous government contracts, including several with the General Services Administration, blanket purchase agreements through the Air Force's Information Technology Services Program II and the Treasury Department's Information Technology Support Services contracts, and several governmentwide acquisition contracts.
SI International intends to use the net proceeds from the IPO to pay off debt and repurchase outstanding warrants, according to its filings with Securities and Exchange Commission. Any remaining funds would be allocated to other general purposes, including possible future acquisitions, the company stated.
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.