Smith Electric Vehicles IPO: According to the amended Form S-1 recently filed with the Securities and Exchange Commission, Smith Electric Vehicles IPO is preliminarily scheduled to come in on September 20. The company intends to sell 4,221,804 shares of common stock in the offering. The selling shareholders will offer an additional 228,196 shares. Smith Electric Vehicles IPO price is anticipated to be between $16.00 and $18.00. The company has applied to list its common shares on The Nasdaq Global Market under the symbol “SMTH”.
Smith Electric Vehicles Corp. is a manufacturer of zero emission commercial electric vehicles primarily address the needs of medium-duty commercial fleet operators. The company recognized revenues of $49.9 million, $35.6 million, $22.9 million and $16.8 million, for the fiscal years 2011, 2010 and 2009 and six months ended June 30, 2012, respectively. For the corresponding period, the company incurred net losses of $52.5 million, $30.3 million, $17.5 million and $27.3 million, respectively.
Assuming an initial public offering price of $17.00 per share, the median of the anticipated Smith Electric Vehicles IPO price, the company will collect approximately $63.6 million and the selling stockholders will receive net proceeds of approximately $3.7 million. Smith Electric Vehicles will not receive any of the proceeds from the sale of the shares being sold by the selling stockholders. The net proceeds received by the company will be used to pay the entire principal and interest under bridge notes; to pay a certain amount of debt and to pay the remaining part of the purchase price in connection with acquisition of Smith UK business.
UBS Investment Bank, Deutsche Bank Securities and Barclays are playing the roles of joint book-running managers and representatives of the underwriters for Smith Electric Vehicles IPO. CRT Capital also joined the underwriting syndicate on this deal.
Smith Electric Vehicles IPO