Earlier this week SRA International, Inc. announced that its holding company, SRA Companies, Inc., registered for a proposed initial public offering of its common stock through the U.S. Securities and Exchange Commission. SRA Companies, Inc. is a newly-named indirect parent of SRA International, Inc.
The Joint book-runners for this prospectus is Bank of America (BofA) Merrill Lynch and Citigroup. When made available, preliminary prospectus copies may be obtained from BofA Merrill Lynch.
“The timing is right for SRA to pursue liquidity as the public pricing of similar companies is at a median of approximately 9.5x LTM EBITDA and the industry as a whole has begun to move past the budget and funding trough of 2013 and 2014,” said Kevin DeSanto, Managing Director, KippsDeSanto & Co.
The Registration statement for these securities have been filed through the Securities and Exchange Commission, but are not yet effective. No offers can be made on the securities before the statement becomes effective.
According to a press release, this IPO could reach SRA’s nominal fundraising budget of $100 million.