Firefly (FLY) Takes Flight With 64% Surge in Market Debut

We recently published 10 Hot Stocks Making Winning Look Easy. Firefly Aerospace Inc. (NASDAQ:FLY) is one of the best-performing stocks on Thursday.

Firefly Aerospace took off with a 64-percent jump on its first day as a publicly listed company, as investors continued to place bets on firms that will benefit from the US government’s aggressive space and defense program.

During the session, Firefly Aerospace Inc. (NASDAQ:FLY) opened already 55 percent higher than its initial public offering price (IPO) of $45, jumped to as high as $73.8, before early profit-taking pulled its share prices lower to end the day just up by 34.11 percent at $60.35 apiece. It was able to raise $868 million from the IPO.

Firefly Aerospace Inc. (NASDAQ:FLY) debuted on the stock market to sell 19.3 million shares, with a 30-day overallotment option of 2.89 million to its underwriters.

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Firefly Aerospace Inc. (NASDAQ:FLY) said it intends to use the net proceeds to repay outstanding borrowings under its credit agreement, pay any accrued and unpaid dividends on certain series of its preferred stock, and for other general corporate purposes.