Anteon Shares Up In IPO

The solution provider made 15 million shares of its common stock available on the Nasdaq Tuesday under the symbol "ANT." The IPO price of $18 a share came in above the expected price of between $15 and $17. And by midday, the stock was up about 15 percent, at just under $21 a share.

About 4.7 million of the shares are being sold by the company, while an additional 10.3 million are being sold by stockholders. The company expected the offering to bring in net proceeds of about $76.2 million, which will be used to reduce debt, as well as for working capital and general corporate purposes.

According to filings with the SEC, the company serves more than 600 government clients, providing them with IT and systems engineering solutions. It grew revenue at a compound annual growth rate of 38 percent from 1996 to 2001, ending last year with $706.6 million in business.

Anteon is looking to follow in the successes of fellow military solution providers like CACI International, which has seen shares more than double, from $15 to $36, in the last 12 months. Earlier this month, CACI priced a $149 million secondary offering for trading, with 4.25 million shares priced at $35 each.