Defense-Technology Company Lyntris Sees 24M Shares Offered in IPO

Dow Jones08-13

Defense-technology company Lyntris said it expects 24 million of its shares to be offered in its initial public offering, with an expected price range of $19 to $22 a share.

The company said it plans to offer about 4.9 million shares in the IPO, with selling stockholders offering another 19.1 million, according to a Monday filing with the Securities and Exchange Commission.

The company said it expects to receive net proceeds of about $69.5 million based on a midpoint of $20.50 a share. It plans to use the proceeds to repay around $60 million outstanding under its revolving credit facility, with the remainder used for general corporate purposes.

Lyntris said it won't receive proceeds from the 19.1 million shares expected to be sold by selling stockholders.

The company, which is majority owned by Trive Capital, initially filed for an IPO last month, but didn't say how many shares it intended to list, or at what price.

Lyntris applied to list its shares on the New York Stock Exchange under the symbol LYNX, it said in the Monday filing.

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