DFN: Very interesting, another solar company (Enphase) elected to go ahead with its IPO, a couple of weeks ago, with its offering price cut in half (approximately), but floating the same number of shares. The funds its
raised were thus cut in half. Brightsource, perhaps faced with a similar quandry, choose not to sell the shares on the market place. Why did one sell and the other didn’t? Interestingly, Brightsource offers a thermal solar
technology, versus PV (photovoltaic). Solar Millennium was attempting a different version of Thermal technology, but, couldn’t make its version of the technology economically viable.
BrightSource Energy cancels IPO
San Francisco Business Times
Date: Thursday, April 12, 2012, 7:04am PDT
BrightSource Energy Inc. canceled plans for an initial public offering, citing adverse market conditions.
The Oakland-based maker of solar-thermal systems had hoped to raise $182.5 million from the offering, with shares priced between $21 and $23 each.
The company had planned to trade on the Nasdaq, with pricing scheduled for Wednesday after the market close.
“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” John Woolard, president and CEO of BrightSource Energy, said in a statement.