Advanced Power Technology Announces IPO of 2,455,000 Shares

August 07, 2000 by Jeff Shepard

Advanced Power Technology Inc. (Bend, OR) has announced the initial public offering of the company's 2,455,000 shares of common stock and of an additional 1,045,000 shares offered by selling stockholders, at an initial public offering price of $15 per share.The transaction is being underwritten by a group of underwriters led by Stephens Inc., Needham & Company Inc. and First Security Van Kasper. The company and one of the selling stockholders have granted the underwriters a 30-day option to purchase an aggregate of up to 525,000 additional shares solely to cover over-allotments, if any.The net proceeds of the offering will be used by the company to retire debt and for working capital.