A BIG IPO IN WIND

Wind energy company Pattern blows past IPO price in debut; At a high of $24.30, company valued at $1.24 bln

September 27, 2013 (Reuters)

“Shares of Pattern Energy Group Inc rose 10 percent in their debut, as the recent rally in renewable energy stocks rubbed off on the first-ever public offering of a U.S. wind farm operator…Pattern has solid cash flow and has been largely profitable…The company raised $352 million after pricing its offering at $22 per share, just above its expected price range of $19-$21. Pattern sold 16 million shares…California-based Pattern owns and operates eight wind power projects in the United States, Canada and Chile, with a total power-generation capacity of 1,041 MW…Pattern's net profit rose to $29.14 million for the first six months of 2013, from $6.44 million a year earlier…Revenue rose 62 percent to $102.54 million…” click here for more

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