SolarCity, PBF Energy IPOs
Energy Companies Begin Trading
Two energy company IPOs emerged last week.
SolarCity, backed by Tesla Motors (NASDAQ: TSLA) CEO Elon Musk, went public on Thursday. Shares shot 47 percent over the IPO price of $8, closing at $11.79.
SolarCity arranges financing for customers—both corporate and individual—who would like to install solar systems. Overall, the company sold 11.5 million shares at $8, raising $92 million. SolarCity trades on Nasdaq under the ticker SCTY.
It should be noted that the IPO was a slight downward adjustment from the expected 10.1 million shares for $13-$15 each that had been anticipated earlier, USA Today reports.
PBF Energy Inc. (NYSE: PBF) had a slightly less successful IPO on Thursday. The IPO ended 1 percent above offering, at $26.25 on the NYSE. 20.5 million Class A shares were sold, well exceeding the planned 16.5 million shares.
PBF, a result of a collaboration between the Blackstone Group (NYSE: BX) and First Reserve Management, owns and operates three petroleum refineries located in Ohio, Delaware, and New Jersey.
According to the Wall Street Journal, PBF’s revenue over the first 9 months of this year rose by 39 percent to reach $15.2 million, while net income rose to $539,774 (up 26 percent). After Q1 2013, PBF hopes to pay a quarterly dividend of 20 cents per share.