Active Power Announces that IPO Shares Prices
Active Power Inc. (New York) announced that shares have been priced at $17 per share in an initial public offering on August 7. According to the lead underwriters, this was above the company's estimated price range.Active Power has sold eight million shares and raised $136.0 million. The company intends to use this money for working capital. Increases in component and finished goods inventory are included in this. The company also plans to expand its manufacturing facilities.Active Power's original estimates for its shares ranged from $11-$13 last week to $14-$16 yesterday afternoon.