Parsons’ NYSE Debut Nets $500 Million on $27 Per Share IPO

Published : Friday, May 10, 2019 | 4:56 AM

Parsons Corporation, headquartered until recently in Old Pasadena and still a major local presence, debuted May 8 on the New York Stock Exchange, launching its anticipated initial public offering with a share price of $27 and raising more than $500 million.

The shares began trading Wednesday under the ticker symbol PSN. The initial public offering was 18.5 million shares of common stock.

Parsons, which recently moved its headquarters to the Washington, D.C. area while retaining an office in Pasadena, provides technology solutions for the defense, intelligence, and critical infrastructure markets.

In addition, the underwriters were granted a 30-day option to purchase up to an additional 2,777,775 shares of common stock, the company said.

Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley served as joint lead book-running managers for the offering. Jefferies and Wells Fargo Securities acted as senior co-managers, and Cowen, SunTrust Robinson Humphrey, MUFG and Scotiabank functioned as co-managers for the offering, a Parsons statement said.

A registration statement filed with the U.S. Securities and Exchange Commission was declared effective on Tuesday.

A Washington Business Journal report said Parsons stocks traded at $30.07 at close, up 11.37 percent from its opening price. The IPO price was in the middle of its previously announced $26 to $28 range.

Parsons filed to go public in March, after shifting its corporate headquarters from Pasadena to Northern Virginia to be closer to its “existing and potential clients.”

It continues to employ nearly 500 at its Pasadena office, and 1,400 in California overall. The firm has about 16,000 employees worldwide.

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