Applied Aerospace & Defense Prices IPO At $20/Shr

(RTTNews) - Applied Aerospace & Defense, Inc. (AADX) on Tuesday announced the pricing of its initial public offering of 32.5 million shares of common stock at $20 per share.

The offering is expected to close on Thursday.

The company granted the underwriters a 30-day option to purchase up to an additional 4.875 million shares at the initial public offering price, less underwriting discounts and commissions.

The company said that the gross proceeds from the offering are expected to be approximately $650 million, before underwriting discounts, commissions and other offering expenses.

The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the ticker symbol AADX.