Noble Environmental Power targets 23M+ shares in IPO

Noble Environmental Power, Inc. has filed a revised preliminary prospectus in which it indicates that it intends to sell in its initial public offering (IPO) up to 23,437,500 shares, and that it also has granted its underwriters (LEHMAN BROTHERS, JPMORGAN, CREDIT SUISSE, and CITI) a 30-day option to purchase up to an additional 3,515,625 shares, which option kicks in if the underwriters sell more than 23,437,500 shares to the public in the IPO.

The preliminary filing is described here. In that filing the company indicated it was targeting raising $375 million in the IPO. Math would suggest a $16 targeted share price.

Noble is currently under investigation by the New York Attorney General for allegations of misconduct during the siting process of New York wind farms.

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