Global Defense Technology & Systems closes initial public offering

Global Defense Technology & Systems closes IPO

SAN FRANCISCO — Global Defense Technology & Systems Inc. said Wednesday that it closed its initial public offering of 4.6 million common shares, which were priced at $13 apiece and yielded $36.3 million in net proceeds.

The company, which offers IT and engineering services to U.S. defense and intelligence agencies, sold 3 million shares and stockholders sold 1.6 million shares.

The offering was made through an underwriting syndicate headed by Cowen and Co., which was the book-running manager.