Lithium-ion battery producer A123 Systems raises IPO price range

In a sign of strong demand, A123 Systems, a maker of lithium-ion batteries upwardly revised the terms for its IPO on Tuesday. While the number of shares being offered remained unchanged at 25.7 million, the company increased its proposed price range from $8.00-$9.50 to $10.00-$11.50. At the midpoint of the revised range, the company will raise 23% more proceeds than prevously anticipated. Joint book runners Morgan Stanley and Goldman Sachs are expected to price the offering after the market close on Wednesday.