Filed under: EV/Plug-in, UK
Smith Electric Vehicles has been patiently waiting to go public on Wall Street, and the time might soon arrive. The Kansas City, MO-based maker of electric delivery vehicles supplies trucks to clients such as Coca-Cola, FedEx Corp. and DHL, and filed for its initial public offering in November.
UBS Investment Bank, Deutsche Bank Securities and Barclays are lead underwriters for the deal, which is expected to contain 4.45 million shares at between $16 and $18 in its IPO. Smith Electric Vehicles expects to sell 4.2 million of those shares in the offering (selling stock holders will offer the rest) and the Nasdaq IPO is expected to bring in about $76 million. The proceeds raised will primarily be used for paying down debt. The U.S.-based company was purchased in 2011 from its UK-based parent company, which has been in operation in Europe since the 1920s. Smith Electric Vehicles puts out the Smith Newton and Smith Edison electric vehicles, which can be configured for multiple applications. They're built at manufacturing facility in Kansas City and outside of Newcastle, UK.
The public stock sales date has not yet been provided, and the funding has been needed for a while. Last year, Smith reported a net loss of $52.5 million on $49.9 million in revenue, and said it lost $27.3 million in the first six months of this year, compared with $21.2 million during the same period last year.
They're being bought as fleet trucks by several companies, but they are costing more than comparable diesel-powered vehicles. Going public can be very good for an EV maker to become profitable, but it does take a lot of hard work, creativity, and dedication.
Smith Electric Vehicles preparing for IPO and good cash flow originally appeared on AutoblogGreen on Wed, 12 Sep 2012 13:57:00 EST. Please see our terms for use of feeds.
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