Australian clean tech SolarJuice reduces proposed IPO size to $17 million from $20 million
Australia’s SolarJuice clean technology (SJA) again reduced the size of its proposed US initial public offering, this time to $17 million from $20 million.
SolarJuice, a byproduct of SPI Energy (NASDAQ:SPI), is currently planning to offer 3M shares at between $5 and $6, would grow to about $17 million if valued at the midpoint. Underwriters will be given a 45-day option to purchase up to 450k additional shares to cover any excess allocation, according to its profile.
At the end of January, SolarJuice said it was looking to raise 20 million dollars through its IPO, down from The previous target was about $40 million.
The company hopes to list its shares on Nasdaq under the symbol SJA. Maxim Group is acting as the main book seller.
SolarJuice also said Linton Crystal Technologies has expressed interest in purchasing up to $5.1 million in common stock through an IPO.
Headquartered in Sydney, SolarJuice sells solar solutions for residential and small commercial buildings. The company’s core markets are the US and Australia.
SolarJuice is part of a growing list of clean tech companies seeking US listings. Israel’s Enlight Renewable Energy clean technology (ENLT) raised $252 million through IPO last weekwhile Flex (BEND) Nextracker spinout (NXT) raised $638 million.