Polar Power, which manufactures DC power generators for off-grid commercial applications, announced terms for its IPO on Friday.
The Gardena, CA-based company plans to raise $15 million by offering 2.0 million shares at a price range of $7 to $8. At the midpoint of the proposed range, Polar Power would command a market value of $70 million.
Polar Power was founded in 1979 and booked $18 million in sales for the 12 months ended September 30, 2016. It plans to list on the Nasdaq under the symbol POLA. Roth Capital and Joseph Gunnar & Co. are the joint bookrunners on the deal. The IPO is expected to price in early December.
