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Australian cleantech SolarJuice (SJA) has again downsized its proposed US initial public offering, this time to $17M from $20M.
SolarJuice, a spinout of SPI Energy (NASDAQ:SPI), is now planning to offer 3M shares priced between $5 and $6, which would raise around $17M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 450K additional shares to cover any over-allotments, according to its filing.
In late January, SolarJuice said it was looking to raise $20M through its IPO, down from its previous target of around $40M.
The company hopes to list its shares on Nasdaq under the symbol SJA. Maxim Group is serving as lead bookrunner.
SolarJuice also said that Linton Crystal Technologies has expressed interest in buying up to $5.1M in ordinary shares through the IPO.
Based in Sydney, SolarJuice sells solar energy solutions for small commercial and residential buildings. The company’s core markets are the US and Australia.
SolarJuice is part of a growing list of cleantech companies seeking US listings. Israeli cleantech Enlight Renewable Energy (ENLT) raised $252M through an IPO last week, while Flex (FLEX) spinout Nextracker (NXT) raised $638M.
