Dec 6, 2013 - Ideal Power Inc (NASDAQ:IPWR), a US firm developing a disruptive power conversion technology, has raised USD 17.25 million (EUR 12.6m) from its listing on the Nasdaq including over-allotments.
In a statement on Wednesday the company said that the underwriters of the initial public offering (IPO) -- MDB Capital Group LLC and Northland Capital Markets -- had exercised in full the 450,000-share over-allotment option. The company sold 3 million common shares, excluding the over-allotments, at USD 5 apiece last month and commenced trading on the Nasdaq Capital Market on November 22.
Ideal Power’s power conversion technology improves the cost, efficiency, flexibility and reliability of electronic power converters, its maker says. The company’s Power Packet Switching Architecture (PPSA) can be used in solar photovoltaic installations, electrified vehicle charging and commercial grid storage.