|
|
Article: IPO fuels prospects of battery makers ; Industry cheers 50% price boost for A123 Systems
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- September 25, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
|
Shares in high-tech battery maker A123 Systems of Watertown rose
more than 50 percent to as high as $21.14 before closing at $20.29
in the first day of trading yesterday, a strong performance that
signaled investor confidence in the future of electric cars.
The company raised about $380 million in its initial public
offering of stock, well above its original estimate of a minimum of
$250 million. The offering was being scrutinized by other venture-
backed companies that had delayed going public as they rode out the
recent economic downturn.
In the hours before its shares debuted on the Nasdaq stock
exchange, A123 had raised its asking price to $13.50 from its
original estimate of $8 to ...