TPI Composites, the largest US-based manufacturer of composite wind blades, announced terms for its IPO on Monday.
The Scottsdale, AZ-based company plans to raise $116 million by offering 7.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, TPI Composites would command a fully diluted market value of $548 million.
TPI Composites was founded in 1968 and booked $666 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol TPIC. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal. It is expected to price during the week of July 18, 2016.
