Aug. 19 at 10:33 PM
Lyntris shares fell in their NYSE debut on Wednesday after the defense technology and sensor company and its shareholders raised
$297.5 million in a smaller-than-expected IPO. The stock opened at
$15.50, below its
$17.50 IPO price, valuing the company at about
$1.68 billion based on its outstanding shares.
Lyntris sold 5.71 million shares, while existing shareholders offered 11.29 million shares. The company will not receive proceeds from the shares sold by existing investors. Its net IPO proceeds, combined with available cash and short-term investments, will be used to repay about
$60 million under a new revolving credit facility and for general corporate purposes, including development, working capital and operating expenses.
Certain selling shareholders also granted underwriters a 30-day option to purchase up to 2.55 million additional shares at the IPO price to cover overallotments. Lyntris would not receive proceeds from those shares either.
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