Tags: Ameresco | raise | IPO

Ameresco Hopes to Raise $160 Million in IPO

Monday, 19 Jul 2010 02:30 PM

 

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Ameresco Inc., which designs and installs energy-efficient projects, plans to sell about $160 million of its shares in an initial public offering next week.

The Framingham, Mass., company is selling 6 million Class A shares to initial investors for $14 to $16 each, while selling shareholders will sell another 2.7 million shares, according to a Securities and Exchange Commission filing. Underwriters can buy 1 million additional shares to cover excess demand.

The company plans to use proceeds from the IPO to pay debt, and for working capital.

Ameresco designs and installs devices that are meant to cut energy and maintenance costs for its customers, primarily federal, state and local governments in North America. It also builds small renewable energy plants for clients.

Ameresco said it served more than 1,000 customers in 2009.

Ameresco has posted a yearly profit since 2002. It earned $19.9 million in 2009, up from $18.3 million the previous year. Revenue grew to $428.5 million from $395.9 million.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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