A major American engineering firm is going public this week.
will issue nearly 18.52 million shares on the New York Stock Exchange under ticker PSN. Priced between $26 and $28, the offering represents 19.2 percent of outstanding shares and is expected to bring in about $596.3 million.
(Update: Parsons priced 18.5 million shares at $27 per share.)
The underwriters include Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch.
Since 1944, Parsons has supported the defense, intelligence and critical infrastructure markets with engineering, software, hardware and program management.
The firm’s Federal Solutions business provides cyber and intelligence services, geospatial services, defense, mission solutions, and infrastructure for energy, health care and environmental systems.
Its Critical Infrastructure segment provides mobility solutions and industrial support.
Longstanding customers include U.S. military and intelligence agencies, as well as state and local governments.
At the end of last year, Parsons’ contract backlog had grown 24.1 percent year-over-year to $8 billion.
In 2018, Parsons recorded $3.56 billion in revenue amounting to $2.78 earnings per share.
The previous year, it notched $3.02 billion in revenue for EPS of $1.16.
Its Federal Solutions segment contributes 41.5 percent of revenue, while Critical Infrastructure represents 58.5 percent. The former grew 37 percent in 2018, while the latter grew 7.5 percent.
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Parsons Corp. CEO Charles Harrington on IPOs
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