June 2 (Reuters) - Private equity-backed government contractor Applied Aerospace & Defense has raised $650 million in its U.S. initial public offering after pricing shares at $20 each, Bloomberg News reported on Tuesday, citing a person familiar with the matter.
Reuters could not immediately verify the report. Applied Aerospace & Defense did not immediately respond to a Reuters request for comment.
The Huntsville, Alabama-based company sold 32.5 million shares, the report said. It had marketed shares at
an indicated price range of $18 to $21 apiece.
Defense technology firms are crowding the U.S. IPO market, aiming to capitalize on heightened investor interest sparked by the U.S.-Israeli conflict with Iran.
Issuers are accelerating listing plans to leverage the sector's surging geopolitical relevance and valuation premiums.
Aerospace parts maker Arxis, drone maker AEVEX and radio signal analyzer Hawkeye 360 have gone public in New York in recent weeks.
Middle-market-focused buyout firm Greenbriar Equity Group, last year combined Applied Aerospace and PCX Aerosystems, founded in 1900, to form Applied Aerospace & Defense.
Applied Aerospace, founded in 1954, builds a wide range of products including fuselage, flight control surfaces, solid rocket motor cases and engine shafts for space and defense technology companies.
Its customers include Anduril Industries, Boeing and GE Aerospace, according to its website.
Morgan Stanley and Jefferies are among the underwriters on the offering. Applied Aerospace & Defense will list on the NYSE on Wednesday under the symbol "AADX."
(Reporting by Pritam Biswas in Bengaluru and Carlos Méndez in Mexico City; Editing by Shreya Biswas, Sherry Jacob-Phillips and Subhranshu Sahu)
