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Australian cleantech SolarJuice (SJA) has again lowered its US IPO proposal, this time to $17 million from $20 million.
SolarJuice, a spin-off of SPI Energy (NASDAQ:SPI), now plans to offer 3M shares at a price between $5 and $6, which would raise about $17 million if trading at the midpoint. Underwriters would be granted a 45-day option to purchase up to an additional 450,000 shares to cover any overallotments. according to your presentation.
In late January, SolarJuice said it was looking to raise $20 million through its initial public offering, down from its previous target of around $40 million.
The company expects to list its shares on Nasdaq under the symbol SJA. Maxim Group serves as the principal book broker.
SolarJuice also said Linton Crystal Technologies has expressed interest in purchasing up to $5.1 million worth of common shares through the initial public offering.
Based in Sydney, SolarJuice sells solar power solutions for small commercial and residential buildings. The company’s main markets are the United States and Australia.
SolarJuice is part of a growing list of cleantech companies looking to list in the US. Israeli cleantech Enlight Renewable Energy (ENLT) raised $252 million via an IPO last week, while Flex (FLEX) spin-out Nextracker (NXT) grossed $638 million.
