Defense IPO adds 12%
Integrated Defense Tech shares rise on NYSE; company raises $154 million via CSFB.
February 27, 2002: 1:21 p.m. ET
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NEW YORK (CNN/Money) - Integrated Defense Technologies Inc., a provider of technology to the U.S. military, rose 12 percent Wednesday in its market debut.
Shares of Integrated Defense (IDE: up $3.00 to $25.00, Research, Estimates) hit a high of $27 before falling and closed at $25, for a $3 gain on the New York Stock Exchange.
The initial public offering raised more than expected late Tuesday when 7 million shares were sold at $22 each, above its $18-to-$21 price range, via lead underwriter Credit Suisse First Boston.
Integrated Defense Technologies makes products used in military aircraft, submarines, battle tanks and missile systems. While nearly 77 percent of its sales come from the U.S. government, customers also include Boeing Co., Northrop Grumman Corp., Raytheon Co. and General Dynamics.
The Integrated Defense Tech offering is the latest defense-related IPO. ManTech International Corp. (MANT: up $0.04 to $18.05, Research, Estimates), which offers information technology services primarily to the U.S. Department of Defense, gained 14 percent earlier this month.
United Defense Industries Inc. (UDI: unchanged at $27.40, Research, Estimates), which makes and designs combat vehicles, naval guns and missile launchers, rose 4 percent in its market debut in December. 
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