Lyntris Inc., a defense technology company, announced on Monday the launch of an initial public offering of 24 million shares of common stock. The IPO price is expected to be between $19.00 and $22.00 per share. Lyntris has applied to list its common stock on the New York Stock Exchange under the ticker LYNX. The offering consists of 4.88 million shares of common stock offered by Lyntris and 19.12 million shares of common stock offered by certain existing shareholders. Lyntris will not receive any proceeds from the sale of shares by the shareholders.
The shareholders also expect to grant the underwriters a 30-day option to purchase up to 3.6 million additional shares of common stock (solely to cover potential over-allotments) at the IPO price less underwriting discounts and commissions. Evercore ISI, Citigroup and Guggenheim Securities are serving as lead book-running managers for the offering.