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IPO - Thursday, May 10, 2007

Aecomm Floates With $703M IPO

Los Angeles-based Aecom Technology priced 35.15M shares at $20 per share (the high end of the $18-$20 range), for an IPO take of approximately $703M. It will trade on the NYSE under ticker symbol ACM. The company sells technical and management support services. Morgan Stanley, Merrill Lynch and UBS were co-lead underwriters.

In 2006, Aecom did $3.3B in annual sales and has increased its revenue at an 16% annualized clip over the past five years. That is more than double the rate of Bechtel's growth - its chief competitor.

Aecom has three target markets: transportation, environmental and facilities. Its big recent wins include New York's Second Avenue subway line, providing PATH rapid transit station under construction at the World Trade Center, wiring Chicago's Soldier Field stadium, developing an air quality system for the city of Shanghai, and overseeing the reconstruction of the Pentagon.

Stock owners were
Firm Pre-IPO stake
U.S. Trust 29.86%
GSO Capital Partners 10.68%
J.H. Whitney10.68%