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Fairfax, Virginia-based SRA, is owned by private equity firm
Providence Equity Partners and provides IT and other services to
various federal organizations, including defense intelligence
agencies.
Spending cuts, particularly in the defense and security sectors,
have hit companies that rely on government servicing contracts.
SRA's revenue fell 8 percent to $1.39 billion in the fiscal year
ended June 2014, although its losses narrowed to $24.1 million
from $317.3 million a year earlier.
Sources told Reuters last month that Providence was exploring a
sale of SRA, but would opt for an IPO if it could not find a
buyer at the right price.
The potential IPO could value SRA about $2 billion, including
debt, the sources said at the time.
Citigroup and Merrill Lynch, Pierce, Fenner & Smith are
underwriting the offering, the company said in a filing with the
U.S. Securities and Exchange Commission.
The filing included a nominal fundraising target of about $100
million. It did not reveal how many shares would be sold, or
their expected price.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
Net proceeds from the IPO will be used to repay some of the debt
of SRA International Inc, its main operating unit, the company
said.
(Reporting by Neha Dimri and Patturaja Murugaboopathy in
Bengaluru; Editing by Savio D'Souza and Simon Jennings)
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