UPDATED: Northborough manufacturer tries IPO again
A year after withdrawing an initial public offering of company stock, Northborough insulation manufacturer Aspen Aerogels launched an IPO Friday, offering 7.5 million shares at an opening price of $11.
The company announced in April it was seeking to raise $86 million through an IPO. Aspen said it has applied to list its stock on the New York Stock Exchange under the symbol ASPN.
The company, which designs and makes aerogel insulation used in large-scale energy infrastructure facilities, said it intends to use the capital infusion from the IPO to expand production at its manufacturing facility in East Providence, R.I., as well as to pare down debt and build a second manufacturing plant in Europe or Asia after the Rhode Island expansion.
Aspen said Barclays Capital, J.P. Morgan Securities and Citigroup Global Markets are acting as joint book-running managers of the proposed offering.
Aspen, founded in 2001, announced in May 2013 that it was canceling an IPO it had initially sought two years earlier. At the same time last year, the firm announced it had secured $22.5 million in convertible note debt financing.
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