Beacon Power Corp. Raises $44.6 Million in IPO

November 26, 2000 by Jeff Shepard

Beacon Power Corp. (Woburn, MA) has completed an initial public offering of 8 million shares of common stock at $6 per share. All shares were offered by Beacon Power Corporation. The offering raised $44.6 million in gross proceeds to the company, which will be used for general corporate purposes, including research and product development, sales and marketing expenses, working capital, capital expenditures and potential acquisitions.

Beacon had lowered the price range for its shares to $6 to $8 per share from $11 to $13 per share last Thursday. The lead underwriter of the offering was Salomon Smith Barney Inc., and the co-managers were Banc of America Securities LLC and CIBC World Markets Corp.

The company granted the underwriters an option to purchase up to 1.2 million additional shares of common stock to cover over-allotments, if any.