Key move on pricing
Lyntris Inc. is preparing to price its initial public offering in the lower half of the $19 to $22 per-share range it marketed, according to a report published Tuesday. The choice of a price point toward the lower portion of that range is the main development ahead of the firm's listing process.
Demand dynamics
The Trive Capital-backed defense technology company drew orders that are described as oversubscribed, with demand reportedly coming from long-only investment funds and hedge funds focused on the sector. Those investor groups are identified as sources of the oversubscription for the offering.
Scheduling and trading
The offering is planned to be priced after the market closes on Tuesday in New York. Shares are anticipated to start trading on the New York Stock Exchange on Wednesday under the ticker symbol LYNX.
Size and valuation targets
Lyntris, based in Falls Church, Virginia, together with selling stockholders, is seeking to sell up to 24 million shares, which at the marketed range of $19 to $22 per share translates to a potential raise of up to $528 million. The offering targets a company valuation of up to $2.53 billion.
Underwriters
Several banks are working on the deal, including Evercore Inc., Citigroup Inc., Guggenheim Securities, and Bank of America Corp. These firms are listed among the banks involved in the offering process.
Context and limitations
The report notes the pricing intention and the investor interest described above. It does not provide additional details on final allocation, exact pricing within the lower half of the range, or aftermarket behavior once trading begins. The information presented reflects the details available at the time of the report.