Keyw Holding stock price gains after initial public offering of online security company
By APFriday, October 1, 2010
Keyw Holding shares rise after IPO
NEW YORK — Shares of Keyw Holding Corp. are up 9.5 percent following an initial public offering of 9.1 million shares at $10 each.
The offering price was within the company’s initial expectation of $10 to $12 per share. Units began trading Friday on the NASDAQ under the ticker symbol “KEYW” and gained 95 cents to $10.95 in afternoon trading.
Underwriters were granted the option to buy an additional 1,365,000 shares if demand exceeded supply.
Keyw says it will use proceeds from the offering to repay debt and for general corporate purposes, including potential acquisitions. Keyw, based in Hanover, Md., provides online security to the federal government
SunTrust Robinson Humphrey is acting as the book-running manager. FBR Capital Markets & Co., Merriman Capital, and Noble Financial Capital Markets are acting as co-managers.
