Comverge, Inc. (COMV-NASDAQ priced its IPO of 5.3 million shares at $18.00 per share. The company used Citigroup as the lead underwriter; and co-managers include Cowen & Co., RBC Capital, and Pacific Growth.
Comverge has all the earmarks that the current investment and social climate like to hear: it is a provider of clean energy solutions that enhance grid reliability and enable utilities to increase available electric capacity during periods of peak energy demand on a more cost-effective basis than conventional alternatives.
Due to its segment, this was a premium pricing. The original range was $15.00 to $17.00 for only 4.7 million shares. This represents a 33% stake in the company if the 795,000 share overallotment is exercised, so there is an implied market capitalization rate of roughly $329 million based on the IPO pricing before factoring in any premium opening price.
Jon C. Ogg
April 13, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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