Vencore has filed for an initial public offering to raise $250 million from investors in a rare instance of a government technology services contractor seeking to become a publicly traded company.
Chantilly, Va.-based Vencore filed an S-1 registration statement required for an IPO Wednesday with the Securities and Exchange Commission. If the IPO goes through, Vencore would trade on the New York Stock Exchange under the symbol “VNCR.”
The filings show Vencore posted $1.17 billion in revenue last year; $122.8 million in adjusted earnings before interest, taxes, depreciation and amortization; and $767 million in total debt.
That puts Vencore as government services’ ninth-largest public company based on sales in between ManTech International at $1.06 billion and NCI Inc. at $322.4 million. Approximately 39.4 percent of Vencore’s sales last year came in the intelligence community, 35 percent in space, 14.5 percent in defense, 9.5 percent in federal civilian and the rest with commercial customers.
Pending completion, Vencore’s entry into the public markets would represent a break from the recent trend of private equity firms’ direct sales of government services companies.
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