Greenbriar-Backed Applied Aerospace Raises $650 Million in IPO

Applied Aerospace & Defense Inc., a space and defense engineering firm, raised $650 million in an initial public offering, pricing the shares near the top of a marketed range.

The Huntsville, Alabama-based company sold 32.5 million shares for $20 each, according to a statement Tuesday confirming an earlier Bloomberg News report. The company had marketed the shares for $18 to $21 apiece.

At that price, Applied Aerospace has a market value of about $3.4 billion, based on the outstanding shares listed in its filings.

Applied Aerospace’s subsystems for space and defense enable functions such as power and propulsion, ...