Pioneer Power Solutions, which provides electrical equipment and services to utility, industrial, commercial and wind energy firms, announced terms for its IPO on Wednesday. The Fort Lee, NJ-based company plans to raise $21 million by offering 2.3 million shares at a price range of $8.00 to $10.00. At the mid-point of the proposed range, Pioneer Power Solutions will command a market value of $68 million. Pioneer Power Solutions, which was founded in 2008 and booked $55 million in sales for the 12 months ended March 31, 2011, plans to list on the NASDAQ under the symbol PPSI. Oppenheimer & Co. is the bookrunner on the deal.
