June 3 (Reuters) – Shares of Applied Aerospace & Defense rose 3.8% in their New York Stock Exchange debut on Wednesday, valuing the firm at $3.54 billion.
The Huntsville, Alabama-based space and defense hardware provider’s stock opened at $20.75 apiece, compared with the offer price of $20. Applied sold 32.5 million shares within the marketed range of $18 and $21 apiece to raise $650 million.
The IPO market has regained momentum in the past two months after a brief lull in March, with several big issuers, including Honeywell’s quantum computing firm Quantinuum and gas engine manufacturer Innio, set to hit the market this week.
The U.S.-Israeli war against Iran has also fueled a wave of defense and aerospace listings in recent weeks.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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