BrightSource Energy yanks its IPO
BrightSource CEO John Woolard said market volatility fell short of optimal conditions for an IPO.
BrightSource Energy Inc. canceled its plans for an initial public offering, citing adverse market conditions.
The Oakland-based maker of solar-thermal systems had hoped to raise $182.5 million from the offering, with shares priced between $21 and $23 each.
The company had planned to trade on the Nasdaq, with pricing scheduled for Wednesday after the market close.
“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” said John Woolard, president and CEO of BrightSource.
BrightSource said it is still in strong financial condition with a pipeline of projects.
The company has 13 contracts for projects to sell power totaling 2.4 gigawatts of capacity to Pacific Gas & Electric Co. and Edison International.
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