FTC Solar downgrades retail price ahead of IPO

Apr 28, 2021 07:46 PM ET
  • FTC Solar has actually downgraded the pricing of its initial public offering (IPO) and also will certainly note at a cost of US$ 13 per share, as opposed to preliminary target variety of US$ 18-- 20.
FTC Solar downgrades retail price ahead of IPO
Image: FTC Solar

FTC recently verified in a revised S-1 submitting its intent to provide to 21.3 million shares of common stock at in between US$ 18-- 20, aiming to elevate as long as US$ 423.6 million in a listing that would value the business at up to US$ 1.6 billion.

Those 21.3 million shares were to be made up of 18.4 million shares of ordinary shares in an initial offering with an additional 2.7 million shares to be designated at the expert's consent.

Having revised the listing price downward, FTC has devoted added shares to the listing, and also will certainly currently make 19,840,000 shares of common stock readily available at first, with an extra 2,976,000 shares held under a 30-day option.

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

The changed listing rate as well as share offering would certainly as a result value FTC at around US$ 1.36 billion.

Shares are anticipated to start trading upon the Nasdaq Global Market's opening today (28 April 2021) and the offering is slated to close on 30 April 2021.

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