GreenPower Motor, a Canadian manufacturer of battery-electric commercial vehicles, announced terms for its IPO on Tuesday.
The Vancouver, Canada-based company plans to raise $32 million by offering 1.5 million shares at a price range of $18 to $24. The company's shares on the TSX Venture Exchange (GPV) and OTCQB (GPVRF) last closed at an as-converted $21.14. At the midpoint of the proposed range, GreenPower Motor would command a market value of $372 million.
GreenPower designs, builds, and distributes a full suite of battery-electric vehicles, including transit buses, school buses, and shuttle buses, as well as a double decker bus and cargo van. The company employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.
GreenPower Motor was founded in 2007 and booked $14 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol GP. B. Riley FBR and Roth Capital are the joint bookrunners on the deal.
