Lyntris said to price IPO in lower half of range

Investing.com -- Lyntris Inc. plans to price its initial public offering in the lower half of its $19 to $22 marketing range, Bloomberg reported Tuesday.

The Trive Capital-backed defense technology firm has received oversubscribed orders from long-only investors and sector-focused hedge funds, according to the report.

The offering is scheduled to price after the market closes Tuesday in New York. Shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol LYNX.

The Falls Church, Virginia-based company and selling stockholders are seeking up to $528 million by offering 24 million shares priced between $19 and $22 each. Lyntris is targeting a valuation of up to $2.53 billion in the offering.

Evercore Inc., Citigroup Inc., Guggenheim Securities and Bank of America Corp. are among the banks working on the offering.

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