Wednesday, September 9, 2009

A123 Systems poised to jumpstart IPO market

By Mass High Tech staff

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A123 Systems Inc., the Watertown maker of lithium ion batteries, appears to be on its way to filing an initial public offering, given the company’s move today to set terms of the offering.

According to today’s regulatory filing, A123 Systems is offering 25 million shares of common stock, priced between $8 and $9.50 per share, bringing the IPO value between $200 million and $237.5 million. Another 680,501 shares of A123 Systems common stock, valued between $5.4 million and $6.5 million, would be offered by senior management officials as well. Its stock will trade on the Nasdaq Global Market as “AONE.”

Morgan Stanley and Goldman, Sachs & Co. were the lead underwriters of the filing.

A123 Systems first registered for an IPO, aimed at $175 million, in August of 2008, though it never outlined the terms of the offering.

Last month, the company announced that it will receive $249.1 million in U.S. Department of Energy funding to construct a manufacturing plant to build and package batteries for electric vehicles.