Australian cleantech SolarJuice (SJA), a spinout of SPI Vitality (NASDAQ:SPI), has proposed phrases for a downsized $20M US preliminary public providing.
SolarJuice mentioned in a submitting that it was contemplating providing 2.5M extraordinary shares priced between $7 and $9, which might increase round $20M if priced on the midpoint. After the providing, SPI will nonetheless management a majority of the voting energy in SolarJuice.
Underwriters can be granted a 45-day choice to purchase as much as 375K extra shares. Maxim Group is serving as lead bookrunner. The corporate hopes to checklist its shares underneath the image SJA.
The corporate has been working within the pink. For the six-month interval ended June 30, SolarJuice reported a web lack of $586K on web gross sales of $82M. Photo voltaic Juice first filed for a US IPO in September, indicating that it was seeking to increase as much as $40M.
Based mostly in Australia, SolarJuice is a supplier of photo voltaic power options for small industrial and residential buildings, together with photovoltaic modules, inverters, roofing methods, batteries and storage gadgets. Its core markets are the US and Australia.
SolarJuice is a part of a rising checklist of cleantech corporations looking for US listings. Israeli cleantech Enlight Renewable Vitality (ENLT) (OTCPK:ENLTF) filed for a $100M IPO on Friday whereas Flex (FLEX) photo voltaic power spinout Nextracker (NXT) filed for a $100M IPO final week.