Applied Aerospace & Defense Said to Raise $650 Million in US IPO

Applied Aerospace & Defense Inc., a space and defense engineering firm, raised $650 million in an initial public offering, according to a person familiar with the matter.

The Huntsville, Alabama-based company sold 32.5 million shares for $20 each, the person said, asking not to be identified as the information isn’t public. The company had marketed the shares for $18 to $21 apiece.

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

A representative for Applied Aerospace declined to comment.

Applied Aerospace’s subsystems for space and ...