Australian solar systems manufacturer SolarJuice Co Ltd has outlined revised terms for its upcoming initial public offering (IPO) in the United States, with a target of raising up to USD 54 million (EUR 49.1m). The company, seeking a Nasdaq listing under the symbol SJA, plans to offer nine million ordinary shares, with an additional 1.35 million units available for potential overallotments.
The updated prospectus sets a price range of USD 4.00 to USD 6.00 per share for the offering. Linton Crystal Technologies Corp, specializing in furnaces for monocrystalline ingot production, and Hite Hedge Asset Management LLC have expressed non-binding interest in purchasing shares worth up to USD 10 million under the IPO terms.
SolarJuice aims to utilize the majority of the proceeds from the IPO to expand its US factory's capacity for solar modules and cells, fostering business growth domestically and internationally. The remaining funds will be allocated to research and development (R&D) initiatives and other general corporate purposes.
Underwriters for the IPO include Maxim Group and Freedom Capital Market. The Sydney-based firm initially filed for the IPO in September 2022, commencing its roadshow at the start of 2023 and subsequently adjusting the terms. Following a period of limited updates in the prospectus, the company revitalized the listing process approximately two months ago by submitting a new blank filing with the Securities and Exchange Commission (SEC).
