IPOs

Solar energy company SolarMax Technology lowers proposed IPO deal size by 11%

SolarMax Technology, a solar energy company providing solar farm systems to the US and China, lowered the proposed deal size for its upcoming IPO on Wednesday.

The Riverside, CA-based company now plans to raise $16 million by offering 4 million shares at a price of $4. The company had previously filed to offer 3 million shares at a range of $5 to $7. At the midpoint of the revised price, SolarMax Technology will raise 11% less in proceeds than previously anticipated.

SolarMax Technology was founded in 2008 and booked $90 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol SMXT. ViewTrade is the sole bookrunner on the deal

The article Solar energy company SolarMax Technology lowers proposed IPO deal size by 11% originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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