Shares of cleantech company Ameresco rising after IPO prices far below range, raising $87M
By APThursday, July 22, 2010
Ameresco shares rising after IPO prices low
NEW YORK — Shares of cleantech company Ameresco are rising after the company priced shares of an initial public offering far below the expected range, raising $87 million.
Pricing low tends to indicate weak demand — a characteristic of nearly half of all IPOs this year as broader stock markets slid.
Ameresco Inc., based in Framingham, Mass., designs and installs projects in customers’ buildings that are used to cut energy consumption and costs. It also builds small renewable energy plants.
Ameresco sold 6 million shares and shareholders sold 2.7 million shares for $10 each, below the expected range of $14 to $16.
Trading Thursday on the New York Stock Exchange under the symbol “AMRC,” shares are rising 50 cents, or 5 percent, to $10.50 in morning trading.
