Report: Brammo aiming at $1B-plus IPO
By Christina Williams
Sustainable Business Oregon editor
Craig Bramscher, the founder and CEO of Ashland-based Brammo Inc., has plans for a big IPO.
Let there be no mistake: Craig Bramscher is not short on ambition.
The CEO of Brammo Inc. was quoted by Dow Jones VentureWire newsletter, highlighted in Friday's Wall Street Journal saying, "Our goal is to have a greater than a billion dollar IPO."
In an email, Bramscher clarified that he expects Brammo to have a market cap valuation of $1 billion at the time of its IPO.
For comparison purposes, Tesla Motors' had a market cap of about $2 billion at the time of its 2010 IPO which raised about $226.1 million. The high-end electric car company pulled that off without having turned a profit.
Ashland-based Brammo, like Tesla, is obsessed with high-performance electric vehicles. But while Tesla's have four wheels, Brammo's have just two.
Bramscher talked to VentureWire after closing this week on a $13 million investment. It's the first tranche of what is expected to be a $45 million Series C round, let by Polaris Industries (NYSE: PII).
When Polaris first came on as a Brammo investor last October, Bramscher said the company was "on a steep climb."
In addition to designing electric motorcycles, which it manufactures in partnership with Flextronics, Brammo intends to also market its battery technology — to Polaris and others — for other applications.
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