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FTC Solar downgrades listing price ahead of IPO
TIME£º2021-04-29    VIEWNUM£º268    SOURCE£ºPV-TECH

By PV-TECH April 28, 2021

FTC Solar¡¯s Voyager tracker system. Image: FTC Solar.


FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 ¨C 20.

FTC last week confirmed in a revised S-1 filing its intent to offer up to 21.3 million shares of common stock at between US$18 ¨C 20, aiming to raise as much as US$423.6 million in a listing that would value the company at up to US$1.6 billion.

Those 21.3 million shares were to be made up of 18.4 million shares of common stock in a preliminary offering with a further 2.7 million shares to be allocated at the underwriter¡¯s permission.

Having revised the listing price downward, FTC has committed additional shares to the listing, and will now make 19,840,000 shares of common stock available initially, with an additional 2,976,000 shares held under a 30-day option.

As a result, a total of 22,816,000 shares in FTC will be made available, with gross proceeds set to stand at up to US296.6 million.

The revised listing price and share offering would therefore value FTC at around US$1.36 billion.

Shares are expected to begin trading upon the Nasdaq Global Market¡¯s opening today (28 April 2021) and the offering is slated to close on 30 April 2021.