SAIC files with SEC for $1.73 billion IPO

SAIC Inc, which provides scientific, engineering, systems integration and technical services to the US military and government agencies, filed with regulators on Thursday to raise up to $1.73 billion in an initial public offering of common stock.
The San Diego, California-based company said in a preliminary prospectus filed with the US Securities and Exchange Commission that Morgan Stanley and Bear Stearns & Co are underwriting the offering.
The filing did not reveal how many shares the company plans to sell or at what prices, as those details are expected to be in future filings.
SAIC, which focuses on solving complex technical issues in the areas of national security, intelligence and homeland defence, said in the filing that it has seen increasing demand for its services because of the global war on terror and the transformation of the US military. For the three months ended April 30, the company earned $585 million on $1.85 billion in revenues.