A123 IPO Raises Price 23 Percent

A123 estimated it will sell 25.7 million shares at $10 to $11.50 apiece, but it will also be the first IPO in 2009 by a company never to have made a profit.

Published: 23-Sep-2009

NEW YORK - Lithium-ion car battery maker A123 Systems Inc (AONE.O) on Tuesday raised the estimated price of its initial public offering by 23 percent and now expects proceeds of about $276 million.

A123 estimated it will sell 25.7 million shares at $10 to $11.50 apiece, according to a filing with the U.S. Securities and Exchange Commission. The original price range was $8 to $9.50.

The IPO is set to price on Wednesday and start trade on Nasdaq the following day,

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