SAIC Initial Stock Sales Ends With $1.245 Billion For Firm
SAIC, Inc. [SAI] raised $1.245 billion in its initial sale of stock, after paying financial fees, the company announced.
The closing of the initial public offering Tuesday wrapped up the sale of 86.25 million shares of common stock, which included the exercise of the underwriters’ over-allotment option to purchase 11.25 million shares.
That initial offering of stock, priced at $15 per share, yielded $1.245 billion for SAIC, after deducting underwriting commissions and discounts, but before other offering- related expenses.
Morgan Stanley & Co. Inc. and Bear, Stearns & Co. Inc. served as joint book-running managers for the offering.
With more than 43,000 employees in over 150 cities worldwide, SAIC engineers and scientists solve complex technical challenges requiring innovative solutions for customers’ mission-critical functions. SAIC, a U.S.-based firm, had annual revenues of $7.8 billion for its fiscal year ended Jan. 31.