Print
Email
Print Edition Stories
BP hones skills through MIT programs
Ameresco Inc. announced that its initial public offering raised about $87 million, with shares of the company pricing well below the expected range.
The Framingham-based energy efficiency services company sold about 8.7 million shares in the offering for $10 each. The company had expected the shares to price at $14 to $16, which would have raised between $122 million and $140 million.
It’s the first cleantech IPO in Massachusetts since A123 Systems Inc. (Nasdaq: AONE) completed its $371 million IPO last September. Ameresco said shares would begin trading Thursday on the New York Stock Exchange under the symbol “AMRC.”
Ameresco incorporated in 2000 and has been profitable since 2002, earning a $19.9 million profit in 2009. The company provides energy efficiency services and also constructs and operates renewable energy projects. Customers include manufacturers, hotels, government agencies and educational and health care facilities.
The company sold 6 million shares in the offering, raising $60 million. Stockholders sold the remaining 2.7 million shares. The lead underwriter for the offering was Bank of America Merril Lynch. Ameresco intends to use its net proceeds from the offering to pay off debt and for working capital -- which could include opening additional offices in the United States and abroad -- and could also use some of the proceeds to make acquisitions, the company said in a filing with the U.S. Securities and Exchange Commission.
Ameresco reported $428.5 million in 2009 revenue, up 8 percent over 2008’s figure, while profit in 2009 was up 9 percent. In the first three months of the year, the company received $105.6 million in revenue and earned a $1.2 million profit.
Other local companies with “green” underpinnings and IPO ambitions are Zipcar Inc., a Cambridge-based car-sharing firm, and First Wind Holdings Inc., a Boston-based wind power developer.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
