TPI Composites, a manufacturer of composite blades used in wind turbines, lowered the proposed deal size for its upcoming IPO on Thursday.
The Scottsdale, AZ-based company now plans to raise $72 million by offering 6.3 million shares at a price range of $11 to $12. The company had previously filed to offer 7.3 million shares at a range of $15 to $17. At the midpoint of the revised range, TPI Composites will raise 38% less in proceeds than previously anticipated. Three of its existing shareholders, as well as certain executives, have also indicated an interest in purchasing up to $13.5 million (19%) of the deal.
In a free writing prospectus filed Wednesday, the company reported that one of its wind blades had failed in India earlier this week. It says it does not yet know the specific circumstances surrounding the event.
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.
