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Combined heat and power company Tecogen sets terms for $10.5 million IPO

By: Renaissance Capital
Posted: 4/17/2014 4:17:00 PM
Referenced Stocks: TGEN

Tecogen, which sells and services commercial natural gas-powered cogeneration systems, announced terms for its IPO on Thursday. The Waltham, MA-based company plans to raise $10.5 million by offering 2 million shares at a price range of $4.75 to $5.75. At the midpoint of the proposed range, it would command a fully diluted market value of $94 million.

Tecogen, which was founded in 2000 and booked $16 million in sales for the 12 months ended December 31, 2013, plans to list on the NASDAQ under the symbol TGEN. It previously set terms to raise $20 million in September 2013 at a $113 million market cap, but withdrew in October. Scarsdale Equities is the sole bookrunner on the deal.