Global Defense Technology & Systems shares were little changed after its initial public offering priced below expectations.
The McLean, Va., defense contractor sold 3 million shares and selling stockholders sold 1.6 million shares for $13 each, raising $59.8 million. Underwriters had expected the shares to fetch $14 to $16 each.
The shares were unchanged in late morning trading. They earlier traded as high as $13.28 as low as $12.82.
Global Defense said in a regulatory filing it believes it will benefit from strong funding for intelligence and counterterrorism programs, increased force mobility and a military presence that will continue even after U.S. troops leave Iraq.
The stock trades on Nasdaq under ticker symbol "GTEC."