Ameresco Hits The Public Markets
What do you get when you combine a company in a fast-growing sector with an initial public offering market that is recovering after almost two years of inactivity?
Officials at Framingham-based energy efficiency contracting company Ameresco Inc. are expected to find out this week when the privately owned company issues stock on the public market for the first time.
Industry analysts who track the IPO market said company officials should have reason to be optimistic.
“This is a company that has good financial fundamentals, has established itself as being one that can make money, and is in a growing sector,” said Ryan Caione, a financial analyst with Hoover’s Inc., an Austin, Texas-based business information service. “I think they’re striking when the iron is hot.”
Taking Stock
Ameresco, founded in 2000, became profitable in 2002. Today, the company has 2,000 customers and 54 offices across the United States and Canada. Last year, the company reported a $19 million profit on about $430 million in revenues.
The company is looking to raise about $120 million through its IPO. According to documents filed with the SEC, it expects to sell 6 million shares of Class A common stock. Current stockholders are also expected to sell another 2.7 million shares. The stock is expected to be priced between $14 and $16 per share.
Following the offering, Ameresco will have two tiers of stock: Class A and Class B. The company’s founder, George P. Sakellaris, is expected to own 82.9 percent of the combined voting power for both types of stock.
With the money raised through the IPO, Ameresco is looking to expand its sales staff across the United States, Canada and even enter into European markets, according to SEC documents. The company also plans to pay off about $30 million in outstanding secured credit, as well as pursue possible acquisitions of other companies or technologies. Ameresco officials could not comment for this story because the company is in a quiet period.
WBJ Web Partners
Most Recent
Most Recent
0 Comments