Aevex shares surged as much as 22% in their New York Stock Exchange debut on Friday. The drone and aerial intelligence provider trades under the ticker AVEX.
The company raised $320 million in its initial public offering. It offered 16 million shares to the market. The shares priced at $20 each, hitting the high end of the marketed range.
The stock opened at $23.01 per share. This rally valued the company at more than $2.6 billion. Private equity firm Madison Dearborn Partners backs the defense technology firm.
Aevex specializes in unmanned aerial systems and loitering munitions. The company derives the majority of its revenue from the U.S. government. Rising geopolitical tensions and increased military spending drive investor interest in the defense sector.