Military drone supplier Aevex Corp. (AVEX.US) has priced its initial public offering at $20 per share. The company issued 16 million shares, raising $320 million. The final pricing falls within the previously announced range of $18 to $21 per share. At the offering price, the company's fully diluted market valuation reaches $2.2 billion. Aevex is scheduled to commence trading on the New York Stock Exchange (NYSE) on Friday under the ticker symbol "AVEX".

The company specializes in developing unmanned and autonomous systems for defense applications, with a primary focus on artificial intelligence-enabled aerial platforms used for missions such as surveillance, reconnaissance, and precision strikes. Its product portfolio includes loitering munitions and other unmanned systems engineered to operate in complex or GPS-denied environments. These systems are supported by proprietary software for navigation and sensor integration.

Aevex generates revenue primarily through the sale of systems and related services via its Tactical and Global Solutions segments. Its main customer is the U.S. government, which accounted for 78% of its projected 2025 revenue, alongside allied partner nations.

The joint book-running managers for the offering include Goldman Sachs, BofA Securities, Jefferies, J.P. Morgan, RBC Capital Markets, Baird, William Blair, Raymond James, and Needham & Company.