Stanley Steams Ahead in IPO
Stanley Inc.'s (SXE) stock debuted with a 22% climb in value on Oct. 18, after the information technology services company priced its initial public offering at $13 per share.
The Arlington, Va.-based company sold 6.3 million shares for $81.9 million, according to IPO Scoop.com. Citigroup and Wachovia managed the deal. Earlier guidance had ranged between $12 and $14 per share.
Stanley, which was founded in 1966 and provides contracting services to agencies including the Department of Defense, has benefited from the U.S. government's increased spending on contracting services in recent years. For the year ended Mar. 31, the company earned $284.8 million in revenues, up only slightly from 2005 but 59% more than 2004.
Stanley's deal follows rival SAIC Inc.'s (SAI) initial public offering on Oct. 13. The San Diego-based Science Applications International Corp.'s stock had priced 75 million shares for $1.1 billion, in the second largest initial public offering to take place in the U.S. this year.
Among U.S. offerings, only the credit card company MasterCard (MA), which sold $2.6 billion of shares in May, has topped SAIC's deal size so far. Warner Chilcott Holdings Co. priced $1.06 billion shares in September, making it the third largest issuer, according to Thomson Financial.
Other IPO deals are expected to take place this week, including offerings from the biotech outfit BioVex Group (BVEX) and medical device developer Asthmatx (AZMA).