Applied Aerospace & Defense began trading publicly on the New York Stock Exchange on Wednesday, with shares opening at $20.75 each - a 3.75% premium to the $20 IPO price. The advanced manufacturer of mission-critical systems for space and defense raised $650 million through the sale of 32.5 million shares under the ticker AADX.
The company set its IPO price at $20 per share on Tuesday, positioning it near the upper bound of the marketed range of $18 to $21. As part of the deal, Applied Aerospace granted the underwriters a 30-day option to purchase up to 4.875 million additional shares at the IPO price, minus standard underwriting discounts and commissions.
Based on the opening price and the number of shares outstanding listed in the company's filings, the Huntsville, Alabama-based business carries a market capitalization of $3.54 billion. The public offering is expected to finalize on June 4, 2026, subject to customary closing conditions.
Lead book-running managers for the transaction were Morgan Stanley and Jefferies. Serving as book-running managers were BofA Securities, RBC Capital Markets and Guggenheim Securities. Additional bookrunners included Baird, Stifel and the Wolfe | Nomura Alliance.
Applied Aerospace & Defense provides design, engineering and vertically integrated manufacturing services aimed at space and defense technology companies. Its subsystems are designed to support a range of functions, including power and propulsion, battlefield connectivity and survivability in extreme environments.
Product examples cited in the company description include reusable landing systems for launch vehicles, control surfaces for fixed-wing platforms and solid rocket motor cases for missile platforms. The firm's capabilities span from component design through integrated manufacturing intended for mission-critical applications.
The offering and opening trading price represent an inflection point as the company transitions to public ownership. The 30-day option for additional shares gives underwriters typical flexibility to stabilize aftermarket trading if they exercise the overallotment. The scheduled closing date remains June 4, 2026, pending satisfaction of customary closing conditions.
Investors and market participants will observe the stock's early trading activity to gauge demand beyond the IPO, while stakeholders in space and defense manufacturing and related supply chains may watch for developments tied to the company's public-market performance.
Short summary: Applied Aerospace & Defense raised $650 million by selling 32.5 million shares at a $20 IPO price and opened trading at $20.75, valuing the company at $3.54 billion. The offering is expected to close on June 4, 2026.