Download now: Cannabis Cash

SolarCity, PBF Energy IPOs

Energy Companies Begin Trading

Written by Swagato Chakravorty
Posted December 17, 2012 at 6:51PM

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.

Related Articles

Enphase Energy IPO Sends Shares Soaring
Buzz about Enphase Energy Inc. IPO and growth in stock value may not last more than a few weeks.
The Light Burns Out on BrightSource IPO
The much-anticipated cleantech IPO was cancelled just hours before trading was to begin.
SolarCity Files for IPO
California solar company SolarCity filed for IPO last week, and it hopes to benefit from low panel prices...