The A123 Systems IPO: Signed, Sealed ... But Not Yet Delivered
Two unnamed sources with close ties to A123 Systems, the Watertown maker of next-gen lithium ion batteries for Black and Decker cordless tools and plug-in hybrid cars, tell me that the company's IPO filing is essentially complete. Once the first quarter numbers are finalized, an S-1 is likely to arrive in the SEC's inbox sometime in the next month or so. The offering could value the company at more than $1 billion. Road show is planned for September; Goldman, JP Morgan, and Merrill are underwriting, I'm told.
A123 Systems has raised more than $150 million since it was founded in 2001. Among the biggest winners from a successful IPO would be North Bridge Venture Partners and Sycamore Networks chairman Desh Deshpande. (North Bridge has a cool video case study on A123.) Sequoia Capital and General Electric are also investors.
Will Wall Street have an appetite for a battery IPO in September? We'll see...
A123 Systems' PR rep, Keith Watson, says, "The company can't comment on anything related to an IPO."
(In the photo is George W. Bush with A123 CEO David Vieau, standing next to a plug-in hybrid Prius that A123's Hymotion division converted. White House photo by Paul Morse.)