TPI Composites, a maker of composite wind blades for the wind energy sector, has raised almost $69 million for its IPO after pricing its 6.25 million shares at $11 per share. The stock began trading July 22, 2016 on the NASDAQ under the ticker symbol “TPIC.” J.P. Morgan and Morgan Stanley are serving as the lead underwriters. TPI’s backers included Element Partners, Landmark Partners, NGP Energy Technology Partners, Angeleno Group and GE Capital.
SCOTTSDALE, Ariz., July 21, 2016 (GLOBE NEWSWIRE) — TPI Composites, Inc. (“TPI”) today 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 are expected to begin 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.
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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About TPI Composites, Inc.
TPI Composites, Inc. is the largest U.S.-based independent manufacturer of composite wind blades for the wind energy market. TPI delivers high-quality, cost-effective composite solutions through long term relationships with leading wind turbine manufacturers. TPI is headquartered in Scottsdale, Arizona and operates factories throughout the U.S., Mexico, China and Turkey.