SolarJuice, a provider of solar energy equipment and services being spun out of SPI Energy, lowered the proposed deal size for its upcoming IPO on Monday.
The Sydney, Australia-based company now plans to raise $17 million by offering 3 million shares at a price range of $5 to $6. The company had previously filed to offer 2.5 million shares at a range of $7 to $9. At the midpoint of the revised range, SolarJuice will raise 18% less in proceeds than previously anticipated.
SolarJuice provides solar photovoltaic (PV) based energy solutions for residential and small commercial building markets in Australia and the US. The company wholesales and distributes PV modules, solar energy inverters, batteries and storage devices, other solar balance of system components, and accessories to commercial customers located in every state and territory of Australia. The company is also a roofing contractor, and resells and installs solar energy systems to residential and commercial customers in five states in the US. It also designs, manufactures, and sells PV modules and related products to customers.
SolarJuice was founded in 2017 and booked $159 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol SJA. Maxim Group LLC is the sole bookrunner on the deal.
