Sunday, June 26, 2011

Aspen Aerogels files for $115M IPO

By Kyle Alspach

Aspen Aerogels Inc., a Northborough-based producer of advanced insulation, on Friday filed its intentions to hold an initial public offering worth up to $115 million.

The main institutional shareholders in the company include Reservoir Capital Partners (27.8 percent), Argonaut Ventures (18.1 percent), Arcapita Ventures (15.6 percent) and RockPort Capital Partners of Boston (13.6 percent), according to the filing with the U.S. Securities and Exchange Commission.

Aspen Aerogels reported having revenue of $38.7 million in 2010, up from $24.8 million in 2009, while revenue for the first quarter of the year was $11.2 million. Aspen Aerogels saw a net loss of $9.9 million in 2010 and $1.7 million in the first quarter.

The company said it would use the proceeds from the offering for general corporate purposes, including the construction of additional manufacturing capacity.

Aspen Aerogels proposes to have its shares sold on the New York Stock Exchange under the symbol "ASPN." Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.

Founded in 2001, Aspen Aerogels says its aerogel technology is used for insulation products in a variety of markets, including oil and gas; building and construction; outdoor gear and apparel; solar thermal; appliances; and transportation.

This month, the company entered into a note purchase agreement with affiliates of Fidelity Investments and BASF Venture Capital and issued $30 million in aggregate principal amount of convertible notes, with a maturity date of June 1, 2014, according to the SEC filing.