Smith Electric Vehicles sees IPO of 4.45 million shares at $16-$18 apiece

September 06, 2012 by Jeff Shepard

Smith Electric Vehicles Corp, which makes emission-free electric vehicles, said it expected to sell 4.45 million shares at between $16 and $18 in its initial public offering. The company will sell 4.2 million shares in the offering, while selling stock holders will offer the rest. At the mid-point of the range, the IPO will raise about $76 million.

The Kansas City, Missouri-based company, which filed for the IPO in November, counts Coca-Cola (KO.N), FedEx Corp (FDX.N) and DHL DHL.UL among its customers. UBS Investment Bank, Deutsche Bank Securities and Barclays are lead underwriters to the offering. The proceeds raised will primarily be used for paying down debt, the company said.

The company intends to list its common stock on the Nasdaq under the symbol "SMTH".