Spark Energy, a natural gas and electricity retailer primarily in Illinois and California, announced terms for its IPO on Friday. The Houston, TX-based company plans to raise $60 million by offering 3.0 million shares at a price range of $19 to $21. At the midpoint of the proposed range, it would command a fully diluted market value of $275 million.
Spark Energy, which was founded in 1999 and booked $324 million in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol SPKE. Baird and Stifel are the joint bookrunners on the deal. It is expected to price during the week of July 21, 2014.
