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