The upcoming initial public offering of A123 Systems could help ease the way for more clean-tech stock offerings, one of the early investors in the battery maker said this week.
The company, which Chrysler has chosento produce lithium-ion batteries for its upcoming electric cars, set an IPO price range of $8 to $9.50 per share, which would raise up to $244 million, based on the 25.7 million shares it plans to sell.
“It will certainly be good for the sector just to get a real exit out there, both from a branding standpoint and from a financing standpoint,” said Jamie Kiggen, chief investment officer for clean tech ventures at Blackstone Group, who in his previous job at Alliance Bernstein was an early investor in the Watertown, Massachusetts-based battery maker.
“If the IPO window opens up, that helps all of us,” Kiggen said at a Boston conference organized by the Cleantech Group.
A123 first filed its IPO plans with the U.S. Securities and Exchange Commission in August 2008.
While the IPO market has picked up in recent months after a rough 2008, A123 would be the first U.S. clean tech company to go public since July 2008.
DealZone
Behind the deals and deal-makers
Window opening for clean tech IPOs?
Post a comment
Posted by: Scott Malone
Tags: DealZone, a123 systems, alliance bernstein, Blackstone Group, cleantech group, electric cars, initial public offering, ipo market, ipo price range, ipos, lithium ion batteries, stock offerings, tech ventures
TrackbackPost Your Comment
House Rules:
- We moderate all comments and will publish everything that advances the post directly or with relevant tangential information
- We try not to publish comments that we think are offensive or appear to pass you off as another person, and we will be conservative if comments may be considered libelous information.
