The IPO Buzz: Applied Aerospace & Defense Prices IPO at $20 – $1 Below Top of Range
Applied Aerospace & Defense (AADX) priced its IPO at $20.00 – $1.00 below the top of its $18.00-to-$21.00 price range – and sold 32.5 million shares – the number in the prospectus – to raise $650 million on Tuesday night, June 2, 2026. This is the first IPO priced in the month of June 2026 – and it’s part of a heat wave of deals that bankers intend to price before SpaceX (SPCX Proposed) launches its blockbuster IPO.
Shares of Applied Aerospace & Defense (AADX) are expected to start trading tomorrow – Wednesday, June 3, 2026 – on the New York Stock Exchange. At pricing, Applied Aerospace & Defense (AADX) had a market cap of $3.4 billion.
The IPO was said to be about 10 times oversubscribed in the hours ahead of pricing.
Morgan Stanley and Jefferies led the joint book-runners’ team.
BofA Securities, RBC Capital Markets, Guggenheim Securities, Baird, Stifel and the Wolfe Nomura Alliance also served as joint book-runners.
The company plans to use the IPO’s proceeds to pay off about $590 million in debt, according to the prospectus.
Applied Aerospace & Defense designs, engineers and manufactures “complex, mission-critical subsystems for extreme operating environments,” the prospectus said. About 83 percent of its revenue comes from the U.S. government. The Huntsville, Alabama-based company serves three core markets: space and launch systems; defense aviation and airborne systems, and command, control, communications, computers, cyber, intelligence, surveillance and reconnaissance (C5ISR) and precision strike systems.
Applied Aerospace & Defense (AADX Proposed) has a long collaboration with Falcon 9 – the SpaceX (SPCX Proposed) program, according to its RetailRoadShow presentation.
The company is not profitable. Applied Aerospace & Defense had a net loss of $17 million on revenue of $498.8 million for the 12 months that ended on Dec. 31, 2025, according to financial statements in the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-applied-aerospace-defense-prices-ipo-at-20-1-below-top-of-range/
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