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Investing.com -- Arxis Inc. is guiding prospective investors that it expects its initial public offering to price at the top end or above the marketed range, according to a Bloomberg report WEdnesday.
The defense component maker, backed by Arcline Investment Management, has attracted sizable demand from long-only investors for multiple times the available shares, the report said.
The company is offering 37.7 million shares for $25 to $28 each and is said to be on track to price later Wednesday.
Shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "ARXS."
Goldman Sachs Group Inc., Morgan Stanley and Jefferies Financial Group Inc. are among the banks working on the Arxis offering.
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