Ocean Power Technologies prices U.S. IPO

Ocean Power Technologies (NASDAQ: OPTT) today announced the pricing of its US initial public offering.

The company is offering 5,000,000 shares of its common stock at a price of $20.00 per share.

The company is expected to begin trading on the Nasdaq Global Market later today under the symbol "OPTT." After the offering, the company plans to continue to list its common stock on the AIM market of the London Stock Exchange.

The joint book-running underwriters for the offering are UBS Investment Bank, Banc of America Securities and Bear, Stearns & Co. First Albany Capital is acting as co-manager.

The company and certain stockholders have granted to the underwriters a 30-day over-allotment option to purchase up to an additional 750,000 shares of common stock, of which 660,000 shares may be purchased from the company and 90,000 shares may be purchased from the selling stockholders.

Ocean Power Technologies develops and is commercializing systems that generate electricity by harnessing the renewable energy of ocean waves. The company’s PowerBuoy® system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade, the company says.

It competes with companies like Ocean Power Delivery, Finavera Renewables and SyncWave.