Telos’ upsized IPO prices in the middle of the expected range, to value the company at just over $1 billion

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Telos Corp. said Thursday that its upsized initial public offering of 14,968,859 shares priced at $17.00 a share, as the Virginia-based security software company raised $254.5 million. On Monday, the company had said it was offering 12,352,942 million shares in the IPO, which was then expected to price between $16 and $18 a share. With 59.84 million shares outstanding after the IPO, the pricing values the company at about $1.02 billion. The stock is expected to begin trading Thursday on the Nasdaq exchange under the ticker symbol “TLS.” The company is going public at a time that the Renaissance IPO ETF has rallied 25.1% over the past three months, while the S&P 500 has gained 5.7%.
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