Shares of Massachusetts-based lithium ion battery maker A123Systems
(Nasdaq: AONE) began trading last Thursday, as investors and the
cleantech industry watched closely to see what type of reception this
high-profile IPO would receive.
Trading opened at $13.50 per share–higher than the $8.50 to $9.50 range
filed by the company earlier this month. By the end of the day shares
gained more than 50%, closing at $20.29, marking the second-best debut
of 2009, according to Reuters.
A123Systems was expected to clear about $400 million from the
IPO, offering about 25.7 million shares. An additional 680,500 shares
were offered by existing shareholders and underwriters had the option
to buy up to an additional 4.2 million shares at the IPO price to cover
over-allotment.
Shares opened this morning above $20, but lost about 5% in morning trading.
A123Systems Inc. plans to build a battery cell manufacturing and pack
assembly facility in Livonia, Michigan. The battery maker said it would
be the first of several new planned facilities, for which the company
has applied for about $1 billion in federal funds. A123 received a significant portion of federal funds distributed for battery makers in August.
The state of Michigan has pledged $100 million in tax credits for the Livonia plant.
A123 Systems has signed a deal to supply batteries for Chrysler’s upcoming line of electric vehicles.
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