IPO share price rises for battery maker A123
Underwriters have increased the estimated price range for the initial public stock offering of A123 Systems Inc., which could increase proceeds to the Watertown battery maker by nearly $100 million.
Shares in the A123 IPO were originally estimated to be priced within a range of $8 to $9.50 per share. Updated offering documents filed yesterday increased the range to $10 to $11.50 per share. The company, which plans to sell 25.7 million shares, could raise nearly $300 million with its stock sale.
The A123 offering is the most closely watched IPO in a week that could turn out to be the busiest in nearly two years for new stock sales. The shares are expected to be officially priced late today and will probably start trading tomorrow.