Lyntris valued at $1.8 billion after shares fall in New York debut

On August 19, the defense contractor Lyntris saw its shares plunge 11.4% during its New York debut, resulting in a valuation of $1.78 billion. This marked the company's first public offering since its initial public offering price was set at $17.50 per share. Lyntris, headquartered in Falls Church, Virginia, had initially planned to sell 24 million shares at $19 to $22 each and later reduced this number to 17 million shares after selling shares to existing shareholders.

The company managed to sell approximately 5.7 million shares in the IPO, which was higher than the originally proposed 4.9 million shares. Despite the strong rebound of the U.S. IPO market, investors have remained cautious, leading several companies to adjust the size of their deals.