TerraForm Global, a sunEdison-backed yieldco that owns renewable energy assets in emerging markets, lowered the proposed deal size for its upcoming IPO on Friday.
The Bethesda, MA-based company now plans to raise $675 million by offering 45 million shares at a price of $15. The company had previously filed to offer 57 million shares at a range of $19 to $21. At the midpoint of the revised range, TerraForm Global will raise -40% fewer proceeds than previously anticipated.
TerraForm Global, which was founded in 2014 and booked $337 million in sales for the 12 months ended March 31, 2015, plans to list on the Nasdaq under the symbol GLBL. J.P. Morgan, Barclays, Citi, Morgan Stanley, Goldman Sachs, BofA Merrill Lynch and Deutsche Bank are the joint bookrunners on the deal. The deal may still price today.
