A123 Systems Prices IPO

Massachusetts-based lithium ion battery maker A123 Systems Inc has filed with a price range for an initial public offering (IPO).

According to a regulatory filing, the company plans to offer 25.68 million shares of common stock, priced between $8.50 and $9.50 per share. That puts the IPO value roughly between $217 million and $244 million.

Senior management officials plan to offer an additional 680,501 shares of common stock. 

The stock will be listed on the Nasdaq Global Market as “AONE.”

Morgan Stanley (NYSE: MS) and Goldman, Sachs & Co. (NYSE: GS) were the lead underwriters of the filing.

In August 2008, A123 first registered for an IPO targetting about $175 million.The company has raised $100 million in new funding and announced a supply deal with Chrysler since then.

The company amended that registration in June 2009.

A123Systems Inc. plans to build a battery cell manufacturing and pack assembly facility in Livonia, Michigan. The battery maker said it would be the first of several new planned facilities, for which the company has applied for about $1 billion in federal funds. A123 received a significant portion of federal funds distributed for battery makers in August.

The state of Michigan has pledged $100 million in tax credits for the Livonia plant.

A123 Systems has signed a deal to supply batteries for Chrysler’s upcoming line of electric vehicles.

Website: http://www.a123systems.com     
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