The IPOX® Watch - Parsons Corp.
Company Description
Founded in 1944, Parsons Corporation is a defense, intelligence, and critical infrastructure technology solutions provider, headquartered in Centreville, VA. The company provides engineering, software and hardware solutions and services, as well as program management in the cybersecurity, intelligence, (missile) defense, C5ISR, geospatial, military training, transportation, mobility, infrastructure, water/wastewater, and environmental remediation markets for both government (especially the U.S. federal government) and commercial customers.
Business Model
Parsons generates revenue from contracts with government entities in Federal Solutions and Critical Infrastructure.
IPO History
On 05/08/2019, Parsons Corp began trading on the New York Stock Exchange (NYSE) led by Goldman Sachs. The defense, intelligence and critical infrastructure engineering company offered 18,518,500 shares at $27.00 per share, midpoint of its expected price range ($26 - $28). Parsons was valued at ca. $2.68 billion at offer with the 15% over-allotment option fully exercised. The shares opened at $30.65 and closed the first day at $30.07 (+11.37%).
Parsons Corporation was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 06/20/2022, and currently weighs ca. 0.48% of the portfolio.
