A123 Systems Goes Public In a Big Way

Li-ion battery maker A123 Systems went public today in a widely anticipated IPO. Initially priced at $13.50/share, the company opened trading on the NASDAQ this morning at $17.00, and closed at $20.29, resulting in a market value of $1,964,396,640 at the end of the day.

Share volume on day one was 41,165,289; shares outstanding are 96,816,000. The initial public offering was of 28,180,501 shares. Of the shares in the offering, 27,500,000 shares were offered by the company and 680,501 shares were offered by selling shareholders. The company granted the underwriters the option to purchase up to an additional 4,227,075 shares at the initial public offering price to cover over-allotments, if any.

Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. acted as joint book-running managers for the offering. BofA Merrill Lynch, Deutsche Bank Securities Inc., Lazard Capital Markets LLC, and Pacific Crest Securities acted as co-managers of the offering.

In its S-1/A filed with the SEC, for the year 2008, A123 reported an operating loss of $79.592 million on total revenue of $68.525 million, which included product sales and research and development services. For the first six months of 2009, the company reported an operating loss of $40.262 million on total revenue of $42.922 million.

Source: Green Car Congress