Orion Energy Systems Soars in Market Debut
Orion Energy Systems soared in its market debut Wednesday, a day after an initial public offering priced in the middle of a forecast range.
Shares , which opened up nearly 35 percent at $17.49, rose 39 percent, or $5.10, to $18.10 in late-morning trade on Nasdaq.
On Tuesday, the Plymouth, Wisconsin-based company raised $100 million. The offering of 7.7 million shares sold for $13 per share, compared with a forecast range of $12 to $14.
Underwriters, led by Thomas Weisel Partners, have the option to purchase an additional 1.2 million shares to cover overallotments.
The company sells efficient lighting systems to companies such as Coca-Cola and Kraft Foods.