Saturday, April 28, 2012

Solar Power Plant Builder BrightSource Energy Pulls IPO

BrightSource Energy, the California solar thermal power plant builder backed by Google, NRG Energy, Morgan Stanley and other heavy-hitters, abruptly pulled its initial public offering on the eve of its planned debut Thursday, citing “adverse market conditions.”

“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” John Woolard, BrightSource’s chief executive, said in a statement.

The company had sought to raise $182.5 million in an offering that had a target range of $21 to $23 a share. BrightSource initially filed its S-1 on Earth Day last year and withdrew the filing 11 days before Earth Day 2012.

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