DigitalNet tries again for IPO
- By Nick Wakeman
- Aug 14, 2003
CEO Ken Bajaj: DigitalNet tries again.
Digital Net Holdings Inc. has again filed for an initial public offering of stock. No date has been set, but the company expects to raise $86.3 million, according to the company's Aug. 8 filing with the Securities and Exchange Commission.
Last January, DigitalNet, led by Chief Executive Officer Ken Bajaj, filed for an IPO but withdrew it in May, citing poor market conditions.
Citigroup Global Markets Inc. and UBS Securities LLC are the book-running managers of the offering, with Legg Mason Wood Walker Inc. and Raymond James & Associates Inc. as co-managers.
The pricing and number of shares to be offered were not disclosed in the company's filing. DigitalNet said it would use the proceeds to pay off about $47.7 million in debt. Any other proceeds will be used for corporate purposes including working capital.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.