Renewable power conversion technology manufacturer, Ideal Power has raised US$17.25 million from its initial public offering (IPO).
Ideal Power fulfilled its additional 450,000 share quota, as part of its IPO of 3 million shares.
Ideal Power released the public share offering of 3 million shares on the American stock exchange, NASDAQ.
Shares were offered at US$5.00 per share to raise US$15 million gross.
Ideal Power started trading 22 November under the IPWR symbol, and granted a 45 day option for purchasing 450,000 additional shares, or overallotment, to raise additional capital of US$2.25 million, to form an end total of US$17.25 million gross.
Public venture bank, MDB Capital Group acted as underwriter and capital market group, Northland Capital Markets acted as co-managing underwriter.