Shares opened at $20.75 on the New York Stock Exchange, 3.75% above the $20 IPO price.
The offering raised $650 million by selling 32.5 million shares, giving the company a market value of $3.54 billion based on outstanding shares.
The IPO was priced at $20 per share, near the top of the marketed range of $18 to $21.
Underwriters were granted a 30‑day option to purchase up to 4.875 million additional shares at the IPO price, less underwriting discounts and commissions.
The offering is expected to close on June 4, 2026, subject to customary closing conditions.
Morgan Stanley and Jefferies served as lead book‑running managers; BofA Securities, RBC Capital Markets and Guggenheim Securities acted as book‑running managers; Baird, Stifel and Wolfe | Nomura Alliance served as bookrunners.
Applied Aerospace & Defense, headquartered in Huntsville, Alabama, provides design, engineering and vertically integrated manufacturing solutions for space and defense technology companies, including power and propulsion subsystems, battlefield connectivity, reusable landing systems, control surfaces for fixed‑wing platforms and solid‑rocket motor cases for missile platforms.
