Lithium-ion battery producer A123 Systems sets IPO terms and timing

A123 Systems, which provides rechargeable lithium-ion batteries and battery systems, announced terms for its IPO on Wednesday. The Watertown, MA-based company plans to raise $225 million by offering 25.7 million shares at a price range of $8.00 to $9.50. At the mid-point of the proposed range, A123 Systems will command a market value of $913 million. A123 Systems, which was founded in 2001 and booked $90 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol AONE. Morgan Stanley, Goldman Sachs, and BofA Merrill Lynch are the lead underwriters on the deal, which is expected to price during the week of 9/21/09.