Aecom value is $2 billion after IPO
In a relatively rare occurrence, the ranks of Los Angeles’ multibillion-dollar public companies grew by one this week.
Aecom Technology Corp., a global engineering services and construction-management company, went public at $20 a share Wednesday. The stock gained $1.10 on Thursday and 75 cents on Friday, closing the week at $21.85 on the New York Stock Exchange and giving the company a market value of $2 billion.
Aecom, based in downtown L.A., was formed in 1980 as Ashland Technology, then a unit of energy firm Ashland Inc. Aecom has been independent since 1990.
Its sales have risen 20% a year over the last decade to $3.4 billion in fiscal 2006. With 30,000 employees worldwide, Aecom has become a major player in the design and construction of highways, airports, bridges and government and commercial buildings on every continent, according to the prospectus for the stock deal. About 55% of its business is with federal, local and foreign government entities.
Aecom’s net income was $54 million last year.
The company sold about 20 million shares in the stock offering, raising $400 million. The deal also was a big payday for many employees: They and other investors sold about 15 million shares, raising $300 million.
