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Booz Allen Hamilton (NYSE:BAH), leading provider of management and IT consulting services to the U.S. government, priced its IPO on Tuesday at $17 per share, at the low end of its $17 to $19 range.

Business Overview (from prospectus)

We are a leading provider of management and technology consulting services to the U.S. government in the defense, intelligence and civil markets. We are a well-known, trusted and long-term partner to our clients, who seek our expertise and objective advice to address their most important and complex problems. Leveraging our 95-year consulting heritage and a talent base of approximately 23,300 people, we deploy our deep domain knowledge, functional expertise and experience to help our clients achieve their objectives. We have a collaborative culture, supported by our operating model, which helps our professionals identify and respond to emerging trends across the markets we serve and delivers enduring results for our clients. We have grown our revenue organically at an 18% compound annual growth rate, or CAGR, over the 15-year period ended March 31, 2010, reaching $5.1 billion in revenue in fiscal 2010.

Offering: The company offered 14,000,000 shares at $17 per share, at the low end of its $17 to $19 range. Net proceeds of approximately $238 million will be used to repay debt.

Lead Underwriters: Morgan Stanley (NYSE:MS), Barclays Capital (NYSE:BCS)

Financial Highlights:

Revenue increased to $5,122.6 million in fiscal 2010 from $4,351.2 million in pro forma 2009, or a 17.7% increase... Cost of revenue increased to $2,654.1 million in fiscal 2010 from $2,296.3 million in pro forma 2009, or a 15.6% increase, primarily due to increases in salaries and salary-related benefits of $347.4 million and employer retirement plan contributions of $27.8 million, partially offset by decreases in incentive compensation of $13.9 million and $4.5 million in stock-based compensation expense for new Rollover and EIP options for Class A common stock and restricted shares... General and administrative expenses increased to $811.9 million in fiscal 2010 from $723.8 million in pro forma 2009, or a 12.2% increase, primarily due to increases in salaries and salary-related benefits of $51.7 million, incentive compensation of $32.0 million and other expenses associated with increased headcount across our general corporate functions, including finance, accounting, legal, and human resources,

Competitors:

In the course of doing business, we compete and collaborate with companies of all types. We strive to maintain positive and productive relationships with these organizations. Some of them hire us as a subcontractor, and we hire some of these other contractors to work with us as our subcontractors. Our major competitors include: (i) contractors focused principally on the provision of services to the U.S. government, such as CACI International, Inc., L-3 Communications Holdings, Inc., ManTech International Corp., SRA International, Inc., and TASC Inc.; (ii) large defense contractors which provide both products and services to the U.S. government, such as The Boeing Company (NYSE:BA), General Dynamics Corp. (NYSE:GD), Lockheed Martin Corp. (NYSE:LMT), Northrop Grumman Corp. (NYSE:NOC), and Raytheon Co. (NYSE:RTN) (; and (iii) diversified service providers, such as Accenture (NYSE:ACN), Computer Sciences Corp. (NYSE:CSC), Deloitte Consulting LLP and SAIC, Inc. (SAI). We compete on the basis of our technical expertise and client knowledge, our ability to successfully recruit appropriately skilled and experienced talent, our ability to deliver cost-effective multi-faceted services in a timely manner, our reputation and relationship with our clients, past performance, security clearances, and the size and scale of our company.

Additional Resources:

Source: Booz Allen Hamilton Prices IPO at Low End of Range