Evergreen Solar Raises $42.0 Million in Initial Public Offering

November 07, 2000 by Jeff Shepard

The price of shares in the initial public offering of Evergreen Solar Inc. (Waltham, MA) fell into the middle of the expected range, at $14 per share. The company grossed $42.0 million dollars by selling three million shares of its common stock. Proceeds are planned to go toward expansion, research and development in the use of photovoltaics in remote-power and emerging grid-connected markets, as well as funding operating losses, working capital, general corporate purposes and possible acquisitions.

Banc of America Securities was the lead managing underwriter for the offering and CIBC World Markets and FAC/Equities, a division of First Albany Corporation, were co-managers. The underwriters have a 30-day option to purchase up to an additional 450,000 shares of common stock from Evergreen Solar solely to cover over-allotments, if any. The company's shares will trade under the symbol "ESLR" on the Nasdaq exchange.