Redaptive, which provides energy efficiency and data solutions for commercial and industrial enterprises, withdrew its plans for an initial public offering on Wednesday. It originally filed in November 2021 with a proposed deal size of $100 million. The company had not updated its prospectus since March.
Redaptive utilizes its proprietary technology-enabled platform to identify, validate, and implement energy efficiency and sustainability-focused initiatives across a commercial and industrial (C&I) customer's entire real estate portfolio.
The San Francisco, CA-based company was founded in 2015 and booked $68 million in revenue for the 12 months ended December 31, 2021. It had planned to list on the NYSE under the symbol EAAS. BofA Securities, J.P. Morgan, Guggenheim Securities, Credit Suisse, Canaccord Genuity, and Roth Capital were set to be the joint bookrunners on the deal.
