Private equity-backed government contractor Applied Aerospace & Defense has raised $650 million in its U.S. initial ​public offering after pricing shares at $20 each, Bloomberg ‌News reported on Tuesday, citing a person familiar with the matter.

Reuters could not immediately verify the report. Applied Aerospace & Defense did not immediately ​respond to a Reuters request for comment.

The Huntsville, ​Alabama-based company sold 32.5 million shares, the report said. ⁠It had marketed shares at an indicated price range ​of $18 to $21 apiece.

Defense technology firms are crowding the U.S. IPO ​market, aiming to capitalize on heightened investor interest sparked by the U.S.-Israeli conflict with Iran.

Issuers are accelerating listing plans to leverage the sector's ​surging geopolitical relevance and valuation premiums.

Aerospace parts maker Arxis (ARXS.O), ​drone maker AEVEX (AVEX.N) and radio signal analyzer Hawkeye 360 (HAWK.N) have gone public ‌in ⁠New York in recent weeks.

Middle-market-focused buyout firm Greenbriar Equity Group, last year combined Applied Aerospace and PCX Aerosystems, founded in 1900, to form Applied Aerospace & Defense.

Applied Aerospace, founded in 1954, ​builds a ​wide range of ⁠products including fuselage, flight control surfaces, solid rocket motor cases and engine shafts for space ​and defense technology companies.

Its customers include Anduril ​Industries, Boeing (BA.N) ⁠and GE Aerospace, according to its website.

Morgan Stanley and Jefferies are among the underwriters on the offering. Applied Aerospace & Defense ⁠will ​list on the NYSE on Wednesday ​under the symbol "AADX."