Ideal Power seeks to raise over $15 Million through IPO
Ideal Power Inc. has priced its initial public offering of 3,000,000 shares of common stock at an offering price of $5.00 per share, which will result in gross proceeds of $15 million. The Company has also granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any. If the total over-allotment is exercised, Ideal Power expects the gross proceeds from the offering to be $17.25 million.
Paul Bundschuh, CEO of Ideal Power observed, â€œThis year we have achieved commercialization of our 30kW Battery Converter based on our patented Power Packet Switching Architectureâ„¢ that enables us to use the same hardware design for multiple applications across storage, EV infrastructure and solar markets. We have earned several design wins in the grid storage market that we expect to have attractive growth opportunities.â€
Subject to customary conditions, Ideal Power expects to close the sale of its common stock on or about November 27, 2013. The Companyâ€™s stock will commence trading on the NASDAQ Capital Market under the symbol â€œIPWRâ€ on November 22, 2013. MDB Capital Group, LLC is serving as Managing Underwriter and Northland Capital Markets is serving as Co-Managing Underwriter in connection with the offering.