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Industry News
TPI Composites goes public

Shares of wind blade manufacturer TPI Composites began trading The NASDAQ Global Market on July 22.

Author: ,
Posted on: 7/25/2016
Source: CompositesWorld

Wind blade manufacturer TPI Composites Inc. (Scottsdale, Arizona) on July 21 announced the pricing of its initial public offering of 6,250,000 shares of common stock at a price to the public of $11.00 per share. In addition, TPI has granted the underwriters a 30-day option to purchase up to 937,500 additional shares of common stock from TPI at the initial public offering price, less underwriting discounts and commissions. TPI’s initial public offering is a 100% primary offering.

The shares began trading on The NASDAQ Global Market under the symbol “TPIC” on July 22, 2016. The offering is expected to close on July 27, 2016, subject to customary closing conditions. TPI stock finished at $13.25 per share at close of business on July 25.

J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. Cowen and Company, Raymond James and Canaccord Genuity are acting as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on July 21, 2016. This offering is being made only by means of the written prospectus forming part of the effective registration statement. When available, you may request a copy of the final prospectus relating to this offering by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

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