Nuvera Fuel Cell, Inc Set to Go Public
p> WASHINGTON, Feb 5 (Reuters) - Nuvera Fuel Cells Inc. said Monday it plans to sell 3.2 million shares at an estimate price of $18 to $20 a share when it goes public.
The company disclosed the terms of its planned initial public offering for the first time since filing a preliminary prospectus with the Securities and Exchange Commission in November.
The Cambridge, Mass.-based company says its technologies provide power and heat that are more energy efficient and environmentally cleaner than other power sources.
It added it is selling 800,000 shares in an international offering.
Merrill Lynch leads a group of underwriters handling the IPO for the company, which is seeking to trade its shares on Nasdaq under the symbol "NVRA" .
They have the option to buy 600,000 extra shares to cover over-allotments.
The company expects to raise about $66.3 million in net proceeds, which will be used for working capital, capital spending and general corporate purposes.
There will be about 18.9 million shares outstanding in the company after the offerings in North America and elsewhere, giving it an initial market capitalization of $359.1 -- based on a median share price of $19.
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