Bloom Energy, which sells clean energy power generators based on solid oxide fuel cell technology, announced terms for its IPO on Monday.
The Sunnyvale, CA-based company plans to raise $252 million by offering 18 million shares at a price range of $13 to $15. Insiders intend to purchase $50 million worth of shares in the offering. At the midpoint of the proposed range, Bloom Energy would command a basic market value of $1.5 billion.
Bloom Energy was founded in 2001 and booked $473 million in sales for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol BE. J.P. Morgan, Morgan Stanley, Credit Suisse, KeyBanc Capital Markets and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of July 23, 2018.
